{"id":28054,"date":"2024-03-25T06:00:00","date_gmt":"2024-03-25T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=28054"},"modified":"2024-04-11T11:30:46","modified_gmt":"2024-04-11T15:30:46","slug":"north-american-homeownership-survey-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/north-american-homeownership-survey-2024\/","title":{"rendered":"North American Homeownership Satisfaction High Across Generations: Survey"},"content":{"rendered":"\n

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Last year, amid soaring interest rates and dampening buyer confidence, home sales slowed. In the US, according to the National Association of REALTORS\u00ae<\/a> (NAR), existing single-family home sales in 2023 dropped by 18.3% from 2022. In Canada, the Canadian Real Estate Association<\/a> (CREA) found that national Canadian home sales in 2023 were down 11.1% from 2022. But despite this climate of economic uncertainty, homeowners across the US and Canada feel overwhelmingly positive about homeownership. Zoocasa, in partnership with eXp Realty, surveyed over 1,500 North Americans about their homeownership satisfaction, homebuying plans, and overall real estate outlook. <\/p>\n\n\n\n

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Majority of Homeowners Think Homeownership is Worth It<\/h1>\n\n\n\n

When it comes to the joy of homeownership, age is irrelevant as our survey found there\u2019s no generational divide on homeownership satisfaction. Homeowners of all ages overwhelmingly expressed positive feelings about homeownership with 59.5% of homeowner respondents saying they are very satisfied with homeownership and 25.6% saying they are satisfied with homeownership. Only 2% of homeowners said they were very unsatisfied with homeownership. <\/p>\n\n\n\n

Even considering the current real estate climate, the majority of homeowners maintain a positive outlook on homeownership, with 81.4% recommending it to others. This positive sentiment is further bolstered by the fact that 56.7% of homeowners strongly agree that owning a home provides a sense of security and stability, while 63.5% of homeowners feel they have significantly more freedom to make renovations and modifications compared to when they were renting.<\/p>\n\n\n\n

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However, it\u2019s not just homeowner perception that is helping to drive this positivity; home prices have been steadily increasing, especially after the pandemic, meaning homeowners have been able to build up quite a large amount of equity. Of homeowner respondents, 43.2% have seen their homes increase in value by more than $300,000, while home values have increased by more than $100,000 for 26.2% of homeowner respondents. This is a significant amount considering that the majority of homeowner respondents bought their home within the last 10 years. <\/p>\n\n\n\n