AOL Real Estate Zogby Homeownership Survey
AOL Real Estate / Zogby Survey Finds More than Half of Americans Still Believe the Dream to Own a Home is Attainable
Survey Probes American Views on the Constantly Evolving Real Estate Market
DULLES, VIRGINIA - April 22 2008 - According to a survey from AOL Real Estate and Zogby International, more than 50% of Americans believe the dream to own a home is still attainable for most citizens, while 43% of Americans surveyed said they spend more than 30% of their household budget on housing, which according to the U.S. Department of Housing and Urban Development (HUD) indicates they are “cost burdened.” These are just some of the many findings from a new interactive survey of Americans age 18 or older that investigates how Americans view a wide range of real estate issues – from home ownership to housing costs, financial concerns and shopping for a home.
“The real estate market is constantly evolving and it is more important than ever for home owners and buyers to research and understand their local market dynamics before making decisions,” said Alan Steel, GM of AOL Real Estate. “As our survey results show, the Internet is an essential resource and the first choice for buyers, sellers and renters who are seeking information.”
Other top-line survey findings include:
Are Americans House Poor?
With so many Americans using a large percentage of their budget for housing, the survey found that 22% of participants would lose their house or apartment with an unexpected short-term job loss and 30% are working paycheck to paycheck to cover housing costs. Additionally, 30% of Americans know someone who has gone through or is being forced to sell their home due to a foreclosure.
American Views on Home Values
Despite the troubles some Americans are facing, 31% of participants feel their home is worth more than it was a year ago and 56% do not think their home will be worth less in five years. This optimism continues with 69% of Americans seeing real estate as a viable investment. If forced to sell their home today, half would buy another home rather than rent; roughly half of Americans would seriously consider purchasing a home through a foreclosure listing.
How Americans Search for Homes
When looking for a home, 67% of Americans surveyed turn to the Internet first. In addition, communities with low crime, high-quality schools, recreational facilities and an easy driving commute to work all are key factors that influence a home purchase, with some Americans willing to pay a premium on top of their housing to reduce their commute time by half. Additionally, 83% of participants value the local media’s coverage of crime in specific communities and cite the coverage as a major influence into where they would purchase a home.
The Value of Home Improvement
For those who are not interested in selling or purchasing a home this year, 16% say they are planning a major home remodeling project, such as putting on a new addition. They believe that making any type of home improvement can increase the value of their home in today’s market.
The full survey results can be found at AOL Real Estate. The AOL Real Estate site offers a comprehensive collection of home and apartment listings, real estate information, tools and real estate advice for buyers, sellers, renters, investors, people planning on buying a vacation home or even current homeowners.
Survey Methodology
Interviewing for the AOL Real Estate-Zogby International survey was conducted among a national sample of 6,678 adults ages 18 and older. Interviews were conducted February 15, 2008 through February 18, 2008. Members of the online Internet panel were recruited by Zogby. The margin of error is plus or minus 1.2 percentage points.
AOL
AOL is a global Web services company that operates some of the most popular Web destinations, offers a comprehensive suite of free software and services, runs one of the largest Internet access businesses in the U.S., and provides a full set of advertising solutions. A majority-owned subsidiary of Time Warner Inc., AOL LLC and its subsidiaries have operations in the U.S., Europe, Canada and Asia. Learn more at AOL.com.
Zogby International
Zogby International is a public opinion, research, and business solutions firm with experience working in more than 70 countries around the globe. Founded and led by John Zogby since 1984, Zogby International ranks as one of the industry’s leaders thanks to its reputation for superior accuracy and reliability. Zogby specializes in telephone, Internet, and face-to-face survey research and analysis for political, corporate, non-profit, and governmental clients. The firm is headquartered in Utica, New York, with offices in Washington D.C., Miami, and Dubai, United Arab Emirates.