Americans Say Homeownership Is A Good Investment

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A recent survey conducted by the Federal Reserve Bank of New York found a majority of current homeowners and renters believe owning a home in their zip code is a good investment. In fact, more than 60 percent of survey participants said it was a very or somewhat good investment, while just 10 percent said it was a bad investment. The results are similar to last year’s survey, though the proportion of homeowners who said they think real estate in their zip code is a good investment jumped from 58.5 percent to 63.2 percent. On the other hand, the number of renters who felt buying was financially beneficial remained about the same as the year before. All in all, when asked about home prices, mortgage rates, and their preference for owning over renting, respondents expressed very similar opinions as they did in last year’s survey. Participants said prices would continue to rise at a similar rate as the year before, mortgage rates would increase over the next few years but at a moderate pace, and renters said they’d prefer to buy if they had the financial resources necessary to purchase a home. More here.

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