A new polls says most Americans believe that home ownership is still part of the American Dream — but views are somewhat split on whether homes are actually a good investment.
According to the quarterly Allstate-National Journal Heartland Monitor Poll, nearly nine out of 10 homeowners said they would buy their homes again — even among those who said their home values had declined. Seven of 10 Americans said they would advise a friend or family member to buy a home as a long-term asset.
But digging further into the numbers, younger people are less inclinced to believe that homes are a sound investment. While 27 percent of the 1,000 people polled nationwide said homeownership is too risky, respondents between ages 18 and 29 were split. Among the 20-somethings, 49 percent believe it is too risky while 49 percent said homeownership is a sound investment.
In addition, 24 percent of Americans said buying a home was the best investment. That ranks behind “investing in retirement savings” (38 percent) but ahead of “saving money in the bank” (20 percent) and “investing in the stock market” (6 percent). But given the public image of banks and the stock market in the fallout of the recession … we’re not so sure ranking above those two categories can be called a victory.
But here’s some optimisim to take into the weekend: 63 percent of Americans believe that the current housing crisis is temporary and will improve over the next several years, the poll said.
