HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its 2012 Home Ownership Satisfaction Survey. Homeowners were asked whether they were satisfied with owning a home and whether price appreciation or depreciation was a factor. Over 1,400 home owners from across the nation were surveyed.
Overall, 72 percent of surveyed homeowners indicated that they were satisfied with owning a home and 28% said they were dissatisfied. When asked if price appreciation was the primary reason for their satisfaction, only 24 percent said yes. Seventy-six percent listed other reasons for being satisfied. The most popular responses were pride of ownership, and freedom to control what type of home improvements and upgrades go into their homes.
Sixty-three percent of homeowners who indicated they were unsatisfied with home ownership said that price depreciation was the primary reason. Of the 37 percent who listed other reasons for being unsatisfied, the most cited responses were the costs of home ownership, including property taxes, homeowner association fees, and maintenance and repairs.
“The HomeGain 2012 National Home Ownership Satisfaction survey shows in spite of declines in the values of homes nationwide, satisfaction among home owners remains high at 72 percent, with nearly 3 of 4 home owners satisfied with home ownership.” said Louis Cammarosano, General Manager of HomeGain. “Of the 28 percent of surveyed homeowners who indicated they were unsatisfied, 63 percent cited price depreciation as the primary reason.”
On a regional basis, the highest percentage of homeowner satisfaction was in the Northeast, with a 77 percent satisfaction rate. The Southeast ranked second with 73 percent, followed by the West with 71 percent, and the Midwest with 68 percent.
The survey asked when homes were purchased, the purchase prices of the homes, the type of homes purchased (short sale, foreclosure, new or existing), and the age groups of the homeowners.
Overall, homeowners who purchased their homes between 3-8 years ago were the least satisfied. Homeowners who purchased their home within the last three years or more than 8 years ago, were the most satisfied.
Homeowners who paid less than $75,000 for their home were the most satisfied, with a 77 percent satisfaction rate. Homeowners who purchased a home for more than $800,000 were the least satisfied, with a 69 percent satisfaction rate.
Those purchasing foreclosed homes or homes in a short sale had the highest home ownership satisfaction rates at 79 percent and 83 percent, respectively. Those who purchased new or existing homes had lower satisfaction rates at 73 percent and 71 percent, respectively. Sixty-seven percent of homeowners who purchased a new home, and 64 percent of homeowners who purchased an existing home, indicated that price depreciation was the primary reason for being unsatisfied.
Homeowners ages 18-25 were the least satisfied with home ownership, with a 45 percent satisfaction rate. This is the only age group to have a satisfaction rate below 50 percent. Homeowners ages 55-65 were the most satisfied with home ownership, with a 76 percent satisfaction rate.
The complete national results can be found below. Click on a question to jump to that question’s results:
- Overall, are you satisfied with home ownership?
- When did you purchase your home?
- What was the value of your home when you purchased it?
- What type of home did you purchase?
- What is your age?
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