Homeownership Stronger in Higher Priced States

Coldwell Banker - Thanksgiving

Homeownership Stronger in Higher Priced States

Support for homeownership is greater in states whose median home value is higher than the national average, according to a new national survey of homeowners.

Nationwide 72 percent of homeowners in a recent survey by HomeGain indicated that they were satisfied with owning a home and 28 percent said they were dissatisfied. An analysis of results from a representative selection of states found that more homeowners in wealthier markets evidenced greater support for homeownership while those in more affordable markets were generally less supportive.

In New York State, the second most expensive state in the nation to buy a home, support was strongest, 77 percent. In California, fifth most expensive, support was 75 percent. Florida, twelfth most expensive state, support was 67 percent, and in Illinois, twenty-ninth most expensive, support was only 55 percent. Only Texas countered the trend. Though it ranks thirtieth in median home price, Texas homeowners supported homeownership by a 75 to 25 percent margin.

Among homeowners dissatisfied with homeownership, 64 percent said that price depreciation was the primary reason. However, depreciation seemed to have no effect on support for homeownership on a state by state basis. Some states like California in the Pacific region, where prices have fallen 10.7 percent since 2009, and homeownership support in has remained high. In Texas’ region, where support for homeownership is high at 75 percent, prices actually appreciated 2.1 percent last year. Illinois, where support for homeownership at 55 percent was lowest among all the states analyzed, its home prices have actually fared better than most regions, with only a 5 percent decline in prices over the three year period compared to the 6.1 percent national average.

“The HomeGain 2012 National Home Ownership Satisfaction survey shows in spite of declines in the values of homes nationwide, satisfaction among homeowners remains high at 72 percent, with nearly 3 of 4 home owners satisfied with home ownership.” said Louis Cammarosano, General Manager of HomeGain. “Of the 28 percent of surveyed homeowners who indicated they were unsatisfied, 63 percent cited price depreciation as the primary reason,” said Louis Cammarosano, General Manager of HomeGain.

Sincerely,

 

Barbara Reaume
Coldwell Banker
Real Estate Advisor GRI SRES CN SFR
Cell: (805) 610-5403
Fax: (805) 969-0262
https://www.barbarareaume.com
http://www.thesantabarbararealtor.com
Lic #00888832
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Barbara Reaume

Barbara Reaume is a real estate expert working for Coldwell Banker Montecito. She started her career as a real estate agent in 1984 and offers over 3 decades of experience in real estate sales. Specialties include Montecito real estate, Santa Barbara real estate, Santa Barbara homes, real estate financing In Santa Barbara, Montecito relocation, Santa Barbara relocation, short sales and foreclosures. Do you have specific questions about buying or selling real estate in the Santa Barbara area? Ask to be setup on Barbara's email-based home search to get instant alerts on price reductions and new Santa Barbara homes for sale in the area. Contact Barbara Reaume by email ([email protected]), phone (805-610-5403) to find out the value of your home, discuss your options. Connect on Google+ https://plus.google.com/103753350598984606081/about

3Comments
  • Jen D./ 24.01.2013Reply

    Homeownership is an important part of the American way of life.

  • Miranda/ 29.01.2013Reply

    I am glad to find this study regarding home ownership. If I were included as subject for this study, I will say that I’m satisfied with owning my home at this moment.

  • Candy/ 19.08.2013Reply

    Through this article, the public will be informed on the pertinent facts relative to homeownership. Personally, I am grateful that this kind of information is significantly imparted to homeowners. Thank you for imparting this practical resource!

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