Do Most Americans See Homeownership as a Good Investment?
Eighty-four percent of Americans believe that purchasing a home is a good financial decision, the highest number in ten years. Yet six in ten said that they are concerned about affordability and the rising cost of buying a home or renting in their area.
“Most American’s still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. Yet, Americans consider the lack of affordability as a big obstacle to ownership,” said Glenda Krull, President of Snohomish County-Camano Association of REALTORS®.
Specifically, in Washington State, there is a housing affordability crisis impacting buyers, sellers, and renters. Growing pressure and demand for housing lead to skyrocketing prices and low housing supply. Families in all income groups are struggling to find homeownership opportunities. This impacts every part of the housing and rental markets in Washington. According to the University of Washington’s Center for Real Estate Research, first-time buyers in Snohomish County face home prices that are nearly double what they can afford.
That is why Snohomish County-Camano Association of REALTORS® has partner with Washington REALTORS®, and other organizations, to address the housing affordability crisis in Washington State by launching “Unlock the Door” campaign. “Unlock the Door” is a coalition which seeks to bring affordable housing to Washington by reaching out to our local, state, and federal legislators.
Washington will benefit from affordable ownership opportunities and, among other things, we need to encourage condo, townhome, and small lot building and zoning – especially near our transit lines. However, accessible and affordable housing cannot be solved by the private sector alone. This is a statewide problem that requires action by the state legislature, as well as local officials and even the federal government. For starters, we need to educate our elected officials about how the lack of affordable housing impacts the residents of our state.
You can contact your legislators by visiting the “Unlock the Door” website: https://unlockthedoorwa.com/take-action/. You can let your elected officials know how important the issue of housing affordability is to communities across Washington. You can also read about the 2019 Legislative Agenda: https://unlockthedoorwa.com/2019-legislative-agenda/. These agenda points are what would create an environment of housing affordability.
For more information about buying or selling a home, be sure to work with a REALTOR®, a member of the National Association of REALTORS®. Snohomish County-Camano Association of REALTORS® is the voice for real estate in Snohomish County. If you have questions for The Expert about Real Estate email us at firstname.lastname@example.org, or by visiting https://www.sccar.org/.