Interesting Distress Statistics

Survey: Owning home within reach

The Buisness Journal; April 22, 2008

By Tierney Plumb

More than half of Americans believe that owning a home is still possible for most people.

In AOL Real Estate and Zogby International's latest survey, more than 6,500 Americans were asked about an array of real estate issues -- from home ownership to housing costs, financial woes and house-hunting tactics.

Respondents stated that realizing the dream of owning a house comes at a hefty price. Forty-three percent said they spend more than 30 percent of their household budget on housing, which according to the U.S. Department of Housing and Urban Development indicates they are "cost burdened."

The financial concerns of spending such a large percentage of their budgets on housing include:

§ 22 percent of participants would lose their house or apartment with an unexpected short-term job loss.

§ 30 percent are working paycheck to paycheck to cover housing costs.

§ 30 percent of people know someone who has gone through or is being forced to sell their home due to a foreclosure.

If respondents were forced to sell their house today, the survey reveals that half would buy another home rather than rent; and roughly half would seriously consider purchasing a home through a foreclosure listing.

But the outlook on their home's current and future value is optimistic:

§ 31 percent of participants feel their home is worth more than it was a year ago.

§ •56 percent do not think their home will be worth less in five years.

§ 69 percent see real estate as a viable investment.

For those neither buying nor selling a home this year, 16 percent plan on doing a major home remodeling project, saying that any improvement can increase the value of their home in today's market.