Despite the economic downturn, a study conducted by Coldwell Banker and psychotherapist Dr. Robi Ludwig found that even though people’s feelings about homeownership have changed, owning a home is still very much a goal for many Americans.
Coldwell Banker conducted the online survey through Harris Interactive and polled more than 2,100 adults aged 18 and older. One of the findings stated while 79 percent of U.S. adults indicated the recession has caused society to rethink the concept of homeownership, 91 percent agreed owning a home is part of the American Dream.
“While I know that financial hardships during the recession clearly have impacted many households, it is clear that the emotional value of a home is still strongly recognized,” said Dr. Ludwig.
She explained the financial downtown has caused people to reevaluate fundamental issues in their lives.
“Now that we’re picking up the pieces, we’re seeing a psychological shift,” she said. “Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.”
Another issue being re-evaluated is what homeowners want versus what they really need. According to the survey, 90 percent of U.S. adults agree some people purchased more expensive homes than they should have before the recession. Meanwhile, 86 percent agreed people are more closely evaluating how much home they can truly afford now, compared to before the recession…
Read the rest of this article from DSNews.com here: “Homeownership Still Holds High Emotional Value”.