Dorothy was right. There really is no place like home.
In a study conducted by The Futures Company, commissioned by Meredith Corporation, survey results from 2,500 Americans ages 18 and older show people overwhelmingly are happy to be homeowners or aspire to someday buy their own house, despite the recent economic downturn.
Just like the Wizard of Oz heroine, a whopping 85 percent of respondents say home is their favorite place to be (with a full 93 percent of baby boomers agreeing), according to the survey, and another 86 percent believe buying their home was a good investment, despite U.S. housing market troubles.
Owning a home is also seen as one the proudest accomplishments of 86 percent of the homeowners surveyed, while more than two-thirds of non-homeowners say eventually buying their own place is one of their biggest life goals.
Of course, with home ownership often comes home improvement, something many Americans have put on the back burner since the nation’s financial crisis hit.
However, according to the study, it’s not the economy that’s holding people back from working on their homes, but their own bank accounts.
So what’s keeping homeowners from spending more on improvements? The survey finds 58 percent cite personal finances, 24 percent say their money needs to go toward other objectives such as retirement or their kids’ educations and 12 percent are waiting for housing prices to drop. Other reasons mentioned include market volatility, value and spending priorities.
But survey respondents do say they will think about redoing that kitchen, working on the basement or adding another bathroom when the national economy begins to grow again (36 percent), gas prices drop (33 percent) or the mortgage is paid off (28 percent), among other catalysts.
Now, if only we could click our heels together three times to get the money flowing, we’d turn that storm cellar into a really amazing wine cellar.
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