Fannie Mae has released results of its second survey this year on Americans’ views and attitudes toward housing. The comprehensive survey polled homeowners and renters between June 2010 and July 2010 to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy. Findings are compared to a similar survey conducted by Fannie Mae from December 2009 to January 2010 and released in April 2010, and a similar survey conducted in 2003.
The survey found that consumers have a mixed outlook for housing; they believe that the housing market is bottoming, but they are more cautious about owning a home.
- Nearly half (47 percent) think that home prices will hold steady over the next year while nearly one-third (31 percent) think prices will rise.
- 70 percent think this is a good time to buy a house, compared with 64 percent in a similar survey that Fannie Mae conducted last January. But 33 percent said they would be more likely to rent their next home if they were to move — up from 30 percent in the January survey.
- A majority of those surveyed (67 percent) continue to believe that housing is a safe investment. That number, however, is down by 16 percentage points from a similar survey that Fannie Mae conducted seven years ago. The current survey finds that more than 70 percent believe it will be harder for their children to buy a home, up three points since January.
These findings indicate the return of a more balanced and realistic approach to housing. This approach may weigh on the housing recovery in the near-term, but over time, it should help to build a stronger and healthier market focused on sustainable homeownership.
Access the detailed survey results and a brief audio podcast summary can be found on the National Housing Survey page on Fannie Mae’s website.