Study Says Housing Crisis Did Not Damage Homeownership Perceptions

In a recent study done by Harvard University’s Joint Center of Housing Studies, titled “Reexamining the Social Benefits of Homeownership After the Crisis”, it concluded that the impact of the housing crisis seems to have been short lived—even among those who have either direct or indirect experience with mortgage foreclosure. Furthermore, attitudes toward buying a home have rebounded at a remarkably fast pace.

The evidence suggests that people seem to believe that in the long term owning a home is still preferable to renting, at least when it comes to the financial benefits of homeownership. Long term cultural preference for owning seems to remain intact despite the recent housing crisis.

The Joint Center for Housing Studies states: “Our review of early research on the impacts of the housing crisis on attitudes toward homeownership suggests that no extraordinary efforts will be needed to attract American households back into the housing market.” 

Research indicates that attitudes toward homeownership as a financial investment have been steadily improving since the height of the housing crisis, although the attitudes of renters have been slower to rebound. The improvement in attitudes may be partially attributable to financial reforms and consumer safeguards.

The study calls for additional research on how the housing crisis has impacted the perceived non-financial benefits of homeownership and the actual social impacts of homeownership in order to test the social benefits to both individuals and to society in light of the federal commitment and subsidy of homeownership.

 

 

Leave a Reply

Recent Posts

Aug
17

Study Says Housing Crisis Did Not Damage Homeownership Perceptions

In a recent study done by Harvard University’s Joint Center of Housing Studies, titled “Reexamining the Social Benefits of Homeownership After the Crisis”, it concluded that the impact of the housing crisis seems to have been short lived—even among those who have either direct or…

Read More....

Jul
8

2106 Expenses – Borrower Beware!

As tax season has come and gone I am always amazed at the frequency and the amount of 2106 expenses clients show on their income tax returns.  Also known as the infamous unreimbursed employee expenses, the most common deduction being made is for mileage on…

Read More....

Our Location

Map

One Park Plaza, Suite 600
Irvine, CA 92614

Contact Us

Mail

Toll Free: (888) 83-MYHOME
Toll Free: (888) 83-MYLOAN
Email: [email protected] Direct: (714) 552-0243
Fax: (714) 544-6177