A study by Fannie Mae finds the changing demographics of U.S. households are shifting the patterns of homeownership throughout the country.
As traditional households shrink, so have the traditional views of homeownership.
Although 51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than purchase. In January 2010, only 30% of Americans surveyed said they would rent a home the next time around.
Overall, 89% of current homeowners, as well as 49% of renters, feel they would be better off owning a home in the current economy.
The study found the homeownership rate among young adults, ages 25 to 29, decreased by 11% from prior to the housing crisis.
Married couples are the most likely demographic to own a home. However, that portion of the population is increasingly shrinking, down to only 50% of U.S. households in 2009 from 56% in 1990.
The survey found that 58% of single-mothers rent. Seventy-eight percent of all survey respondents regardless of their demographic cited children as a major reason to own a home versus renting.
"The percentage of families with children is declining overall and reached an all-time low of 45% in 2009," the study said.
Fifty-seven percent of Americans said that financial benefits were the best reason to rent, and 29% said lifestyle benefits were the greatest reason rent.
The oldest demographic considered in the survey, ages 50 and older, haven't changed their attitudes or trends concerning homeownership in recent years. This group is more likely to believe they are better off owning than renting than any other age group, and are increasingly able to realize homeownership aspirations as they age, the survey said.
A person 65 to 74 years old is 350% more likely to own a home than a person under 25.
Single women are a growing portion of first-time homebuyers.
For decades, homeownership has been the main path towards building wealth for most Americans. Current trends and attitudes towards homeownership may increase the gap between the haves and have nots in the future.
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