Americans appear to be more spooked than ever about buying a house; and the housing crisis, recession and weak recovery are to blame, according to a survey Monday by the National Foundation for Credit Counseling.
About 18 percent of Americans don’t think that taking on a home mortgage is worth the risk, the survey said.
That’s consistent with U.S. Census Bureau data that shows the present 64.8 percent rate of home ownership in the lowest in 19 years, the survey said.
“The housing crisis, recession and continued economic instability appear to have shaken the confidence of many Americans, particularly when it comes to big-ticket items such as a house”.
“However, the unwillingness to take on a mortgage loan may be a smart decision for some, as many borrowers have learned the hard way that homeownership does not come with a guarantee of continually increased equity.”
More Americans are finding that renting is a better option than homeownership because it offers mobility, avoids costly purchases for things like appliances and frees up money for other things, the survey said.
The nationwide survey of 829 people was conducted from May 1 through May 31.