Knoxville Real Estate Market – Homeownership Still Matters To Buyers

For Knoxville residents, as well as across the U.S., the dream of owning a home is still alive and well. Despite some difficult times in the real estate market, buyers still dream of owning home and believe that owning a home is important, according to a recent Gallup Poll.

The results of the Gallup Poll are based on Gallup’s Annual Economy And Personal Finance survey. This year it was conducted on April 4-14th and included interviews with 2,000 Americans including 1,400 homeowners. Here is a breakdown of the findings:

-Nearly 62% of American currently own a home, and of those who don’t 25% plan on buying a home in the next 10 years. Of all  of those surveyed, 81% plan on continuing owning a home (if they are currently a homeowner) or plan on buying in the next 10 years.

– For people who are between 18 to 29, 21% of them own a home; and for those who don’t own a home, 68% of them planning to buy a home in 10 years.

-For people who are between 30 to 49, 58% of them own a home; and for those who don’t own a home, 29% of them planning to buy a home in 10 years.

– For people who are between 50 to 64, 71% of them own a home; and for those who don’t own a home, 5% of them planning to buy a home in 10 years.

-For people who are 65+, 69% of them own a home; and for those who don’t own a home, less than .5% of them planning to buy a home in 10 years.

The Gallup results reaffirm that fact that owning a home is still an important part of the American dream. With mortgage rates still low and home prices slowly rising, many Knoxville residents are taking note, particularly first time buyers and those effected by foreclosure and pre-foreclosure situations.