A traditional single-family home in suburban areas is a high priority for most of today's prospective buyers. A study on this subject was recently concluded by a major real estate organization.
"Over three-quarters of surveyed households would purchase a single-family home if they were to buy in the next six months, and 79 percent of renters would choose to buy outside of an urban area, according to the second installment of the National Association of Realtors new quarterly consumer survey.
"The survey also found that confidence about now being a good time to buy is waning amongst renters, particularly in the West -- where prices have solidly risen.
"The survey data reveals an overwhelming consumer preference for single-family homes in suburban areas. Most current homeowners (85 percent) and 75 percent of renters said they would purchase a single-family home, while only 15 percent of homeowners and 21 percent of renters said that would buy in an urban area."
The report included comments by Lawrence Yun, NAR chief economist. He noted that the survey findings call attention to the glaring need for more supply of single-family homes.
"The American Dream for most consumers is not a cramped, 500-square-foot condo in the middle of the city, but instead a larger home within close proximity to the jobs and entertainment an urban area provides," he said.
"While this is not a new discovery, supply and demand imbalances and unhealthy levels of price growth in several metro areas have made buying an affordable home an onerous task for far too many first-time buyers and middle-class families."
The study confirms the fact that today's homebuyers are just as motivated to own their residences, as were their parents and grandparents.
Jim Woodard's weekly column, "Open House," can be found at creators.com.