SEATTLE, Nov. 10, 2017 /PRNewswire/ -- Homeownership is an
American value that transcends political parties, according to the
Zillow® Housing Aspirations Report™i. The biannual
survey found that 68.7 percent of Republicans and 65.1 percent of
Democrats see owning a home as essential to living the American
Dream.
About two-thirds of self-identified Republicans and Democrats
agreed that homeownership is key to a higher social status, and
close to three-quarters of respondents who identified with either
party also believe that being a homeowner increases standing in the
local community.
Many issues have a distinct political divide, but the majority
of Republicans and Democrats agree on the value of owning a home.
National homeownership rates are returning from a historical low
point following the housing crisis, a signal that the recession did
not fundamentally harm overall sentiment toward homeownership.
Millennials, who delayed homeownership but are finally buying
homes, are the generation most likely to say homeownership is part
of the American Dream, regardless of political affiliation.
"In a time of political division, these survey results remind us
of something most Americans share – the sense that owning a home is
a big part of living the American Dream," said Zillow Chief
Economist Dr. Svenja Gudell. "Home
ownership -- and its ability to create wealth, stability, and
community – doesn't depend on political affiliation. As we debate
the national and local politics surrounding affordability and tax
reform, it's worthwhile to pause and remember a value most of us
can agree on."
The survey showed Americans across the country agree that buying
a home is part of the American Dream and a good financial decision
in markets that are regularly setting record-high prices and those
that have yet to recover from the housing crash.
Los Angeles is one of the least
affordable housing markets in the country, and nearly half of the
survey respondents expect they will have to wait at least three
years to buy a home. However, Los
Angeles residents are more likely than residents of other
large metropolitan areas to say that owning a home is necessary to
live the American Dream, with 72 percent of respondents agreeing
with the statement.
In Las Vegas, home values are
still 23.3 percent below the peak values set during the housing
bubbleii, and 15.9 percent of homeowners are underwater
on their mortgagesiii. Despite this, 67 percent of
respondents agree that homeownership is essential to the American
Dream.
The survey also revealed that even amidst rapidly rising home
values, most Americans feel confident that they will be able to
stay in their current homes as long as they would like, but
residents of the most expensive metros are less certain they will
eventually be able to buy their own home. Ninety-one percent of
Republicans and 89.6 percent of Democrats report feeling confident
that they will be able to afford to stay where they live now, but
at least 40 percent of respondents in West Coast markets don't plan
on buying a home for at least five years, if they ever do.
Republicans and Democrats alike tend to think that homeownership
offers advantages beyond financial benefits. The vast majority of
respondents to the survey view owning a home as better for raising
a family, making ties within the community, and overall quality of
life, regardless of their local housing market.
The Zillow Housing Aspirations Report is a semi-annual survey
sponsored by Zillow and conducted by IPSOS. It asks 10,000 renters
and homeowners in 20 metros across the country about their views on
homeownership and their personal housing expectations for the
future.
|
Agree that owning
a home is necessary
to live The American Dream
|
Metropolitan
Area
|
Democrat
|
Republican
|
Atlanta,
GA
|
67.3%
|
66.2%
|
Boston, MA
|
62.2%
|
66.5%
|
Chicago,
IL
|
64.7%
|
56.7%
|
Dallas-Fort Worth,
TX
|
64.9%
|
62.4%
|
Denver, CO
|
60.3%
|
66.4%
|
Detroit,
MI
|
64.9%
|
67.0%
|
Las Vegas,
NV
|
69.5%
|
64.3%
|
Los Angeles-Long
Beach-Anaheim, CA
|
69.1%
|
76.0%
|
Miami-Fort
Lauderdale, FL
|
73.9%
|
72.2%
|
Minneapolis-St Paul,
MN
|
52.6%
|
63.4%
|
New York,
NY
|
64.6%
|
72.1%
|
Philadelphia,
PA
|
61.7%
|
75.8%
|
Phoenix,
AZ
|
71.9%
|
70.6%
|
San Diego,
CA
|
64.3%
|
66.0%
|
San Francisco,
CA
|
69.4%
|
75.2%
|
San Jose,
CA
|
67.5%
|
71.8%
|
Seattle,
WA
|
60.4%
|
68.7%
|
St. Louis,
MO
|
62.5%
|
68.7%
|
Tampa, FL
|
66.1%
|
68.2%
|
United
States
|
65.1%
|
68.7%
|
Washington,
DC
|
63.4%
|
76.9%
|
Zillow
Zillow® is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc. Housing
Aspirations Report is a trademark of Zillow, Inc.
i The Zillow Housing Aspirations Report is computed
from an IPSOS poll which combines sample of 10,000 U.S. adults from
20 U.S. core-based statistical area (CBSA) metropolitans
(Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Los
Angeles, Las Vegas,
Miami, Minneapolis, New
York, Philadelphia,
Phoenix, St. Louis, San
Diego, San Francisco,
San Jose, Seattle, Tampa, and Washington, D.C.) age 18+, surveyed online in
English. The survey has a credibility interval of plus or minus 1.1
percentage points for all respondents from the 20 U.S.
metropolitans and approximately 5.0 percentage points for an
individual U.S. metropolitan. Post-hoc weights were made to
the population characteristics on gender, age, region, and race and
ethnicity. For more information about conducting research intended
for public release or IPSOS' online polling methodology, please
visit the Public Opinion Polling and Communication page.
ii
https://www.zillow.com/research/september-2017-market-report-17073/
iii
https://www.zillow.com/research/q1-2017-negative-equity-15888/
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SOURCE Zillow