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Phoenix-area residents think it’s better to own than rent a home but fewer than half finding it attainable for the middle class, a survey shows.
In the survey of 500 Phoenix-area residents by Country Financial and published by The Arizona Republic, a solid majority, 88 percent, stated belief owning a home is important. Only 46 percent, however, said homeownership is attainable for middle-income families.
Fifty-seven percent of respondents view homeownership as better than renting, while 28 percent said renting is preferred.
As for home values, 80 percent of Valley residents expect prices to stay the same or rise over the next five years, compared with 71 percent of Americans generally.
Sixty percent of Valley respondents doubted they’d be able to continue making mortgage payments after nine months if they lost their job, but that’s down 13 percentage points from 2011, and it’s 5 percentage points below the current sentiments of Americans. The typical jobless length is 10 months, according to the survey.
