• Pride in owning: Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying – the satisfaction of owning and freedom from paying rent – are at least as important.

  • In a survey done by the National Association of REALTORS of 6,000 homeowners and 2,000 renters – perhaps the largest ever of attitudes toward home ownership – showed that 76% of owners and 66% of renters considered pride of ownership an important reason for buying.

  • Dislike paying rent: Almost equal portions of owners and renters – close to 7 to 10 – said a dislike of paying rent was an important reason to buy.

  • Make home a reflection of you: Also an important reason mentioned by more than 6 in 10 owners and renters was an owner’s ability to control and modify a home’s features.

  • Settling down: More than 6 in 10 renters said “settling down” was an important reason to buy.

  • Good investment: 76% of owners and 69% of renters said the investment aspect of ownership was important.

  • Long-term appreciation: People consider home ownership a good investment because they view it as a long-term venture. Historically, home prices have risen at relatively steady rates. Existing home prices rose an average of 4% per year between 1980 and 1992.

  • Leverage investment: People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation.

  • Source of savings: Home ownership always has and continues to comprise the single largest source of savings for American households.