Banker & Tradesman’s “Housing Scene” blog recently reported that regardless of the current weak market, consumers still believe that purchasing a home is the best long-term investment, according to a Paw Research Center study.
According to the study, 81 percent of consumers believe that owning a home is the best long-term investment that can be made (37 percent “strongly agree” while 44 percent “somewhat agree”).
“Confidence at any level these days is notable, given that the housing market is mired in the longest and deepest decline in modern American history,” read the report.
Of the homeowners in the study, 47 percent believe that their homes are worth less than they were before the housing bubble burst. Of those homeowners, 86 percent believe it will take at least three years for prices to recover, and 10 percent said it would take more than 10 years.