People View Homebuying As a Great Investment Despite the Pandemic
A lot of what we have been doing in this first quarter of 2021 has been reflecting on the past year. We have learned about unexpected changes and what we really value in our lives, especially where we live and raise our families. One thing that was very apparent was the rise and strength of the housing market in the last year but the positive sentiment of home buying being a great investment despite the pandemic struggles.
According to Fannie Mae and their results of the 2020 National Housing Survey, the results showed a great sentiment from customers looking at homebuying as a great investment. While they were asked about other investment types such as stocks, bonds and savings accounts, 75% of the respondents said that buying a home was the "safest" investment they made and 73% of these respondents also said that investing in a home had a lot of potential down the road. This comes off the analysis that the single-family home market has been strong and has been a driving force that has taken the economy through the heights of the pandemic.
To go along with the strong and positive opinions on home buying, many clients also looked at the rent they no longer need to pay. 85% of consumers believe homeownership leads to wealth-building and better financial health, and those numbers have been consistent over time.
In the end, home buying has and continues to be the gold-standard when it comes to ways of investing. Due to its overall stability over time and the reliability of a property, this is why many flocked away from rent-based cities and into the suburban areas of their respective states to work from home. As we continue through and hopefully out of this pandemic, homeownership will continue to lead the way for long-term investment opportunities for families and future generations to come.