The chorus of industry experts declaring 2012 to represent the bottom of the housing bust has been joined by The Demand Institute, a think tank that recently unveiled its study on the recovery in the real estate industry.
As fewer Americans have come to own homes in recent years – many of them not by choice – homeownership rates have plunged to unprecedented depths, as evidenced by a Gallup poll earlier this month that pegged homeownership at a record-low of 62 percent.
Some pundits have speculated that the housing bust and subsequent wave of foreclosures have permanently rid Americans of their addiction to homeownership, which soared to a record high of 73 percent in the mid-2000s.
Still, The Demand Institute's chief research officer and her team believe that homeownership will remain a vital component of the American Dream for years to come.
"The majority of Americans think that owning a home is a good investment," Louise Keely said in a statement. "The majority of people who plan to move in the next six years plan to buy a house even if they're not currently homeowners. There are several pieces of evidence that lead us to believe that we’ll see a rise back to home ownership levels that we saw in the mid '90s and early 2000s."
In order for this recovery to occur, young first-time buyers may first need to be convinced that homeownership is an endeavor worth pursuing. Those who grew up during the housing bust may prefer to rent properties in urban areas, which stands in stark contrast to the suburban lifestyle preferred by many Baby Boomers.
If these consumers work with a local real estate expert and Utah mortgage company, they should discover the financial advantages of buying a home in Utah, particularly when home values and interest rates remain so low.
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