A new study by the American Apartment Association questions whether home ownership is, in fact, the ultimate American dream. Harris Interactive surveyed 2000 U.S. adults in a May study which concluded 76% of the Americans polled felt apartment living is more preferable to home ownership in the current real estate environment.
Of the interviewees 64% cited the advantage that renters have no responsibility for making repairs to the apartment as an advantage to apartment living while 50% cited financial reasons for preferring to rent. When asked about future intentions to rent or buy, 60% of renters said they planned to continue to rent, and only 12% said they planned to buy a home. Of those surveyed who currently own 71% said they would stay in their present home for the next year.
These figures do not bode well for a full-blown resurgence of the housing industry any time soon, but they are positive indicators for investors who can offer great prices and terms to people who otherwise never would have considered purchasing a home.