HomeGain’s 2012 National Home Ownership Satisfaction Survey Results

Posted by: Louis Cammarosano on January 20th, 2012

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:

  1. Overall, are you satisfied with home ownership?
  2. When did you purchase your home?
  3. What was the value of your home when you purchased it?
  4. What type of home did you purchase?
  5. What is your age?


Question 1:

Question 1a:

Question 1b:

Commentary from home owners who indicated price appreciation was not the primary reason they are unsatisfied with home ownership:

“Feeling of accomplishment when I complete any home project. And, the fast I don’t need anybodys permission to do what I want to do.”

“Even though I pay high real estate taxes, my home is mine. I paid off the mortgage some years ago, unlike renting which is never paid off.”

“I’m not renting someone’s home. I can do what I want to improve my home and not have to ask for permission if I was renting.”

“Privacy, flexibility and freedom.”

“Its nice to be able provide a solid, consistent foundation for my family as well as pride in taking care of my home.”

“Free to modify or improve the house and grounds as we see fit, tax deductions, sense of security for wife, children, me.”

“I don’t get bugs from some other apartment dweller.”

“Appreciation used to be a valid reason for home ownership, though, with the market crash, we believe we have lost most of our equity since 2007. We most prefer owning our home because we like our neighborhood and enjoy gardening and home improvement.”

“It was a great price, home was in very good condition, little required to fix up.”

Commentary from home owners who indicated price depreciation was not the primary reason they are unsatisfied with home ownership:

“I am taxed for so much crapola and I never use what I’m taxed on. This country is more socialist then Russia.”

“I can’t move and everything keeps going up like taxes, insurance, maintenance, and utilities. I am imprisoned with nothing but bills.”

“Taxes – the reduction in taxes isn’t worth it. You will never finish paying for a house, because there will always be taxes even if the note is paid in full. Expense – all repairs and maintenance are on you, even if you cannot afford it. No control – if your neighborhood drops in value due to unforeseen circumstances, you lose value in your house even if you have done nothing wrong.”

“Too much work for single person. Expenses keep rising and utilities keep rising.”

“No one can fully fill you in on secondary costs until you are a member of the home ownership club. Water leaks. Busted pipes. Replacing a sump pump. Pest control. It all adds up. The house was affordable. But if your savings account doesn’t account for routine emergencies, wait. Because they will be routine.”

“Property tax too high, homeowners fee jumping without reason, special assessment fees. It’s all overwhelming.”

“We had a bad Realtor who was not really interested in helping us. They just wanted the money. In the the end we paid the price for lack of knowledge.”

“Too precarious. Too many things beyond my control like cost and quality of maintenance, neighbors etc. I liked renting and just calling up the superintendent.”

“I am a dissatisfied home owner because home ownership is no longer an American Dream. I am in the military and I relocated to a new location. I tried to sell the house for a period of a 6-7 months. The house didn’t sell and now it’s being rented. It seems like it has become a renters market now.”

“The cost of a home versus what you get out of it is out of balance. The price of a home should be about 1/3 of what most homes in California cost to bring the value in line with the benefit. I would suspect this is the case around the country.”

“Real estate taxes and home insurance are all too high in IL.”

“Prices were so inflated when I sold my home in PA and after moving back to Baltimore, I could not purchase. The prices were so inflated it wasn’t worth the time to go look at anything.The area where I wanted to move was over priced and still is to this day.”

“Here in TX property tax is the highest in the whole south. I lived in Florida and Louisiana and both are 80 & 60 percent cheaper. Mississippi and Alabama are also cheaper than Texas.”

Question 2:


Commentary from home owners who indicated price appreciation was not the primary reason they are unsatisfied with home ownership:

“Since 1979 home ownership has been a goal I identified with.”

“Just knowing I own it. I rented a house two times after owning a home for 16 yrs, and I do NOT like relying on, and dealing with, a landlord! I also feel pride in owning my home. I just bought a house 8 mo. ago and am very happy!”

“Comfortable place to live. Purchased 25 years ago, before prices were grossly overinflated.”

“I pay less for my mortgage than I have paid for rent since 1979.”

“I’ve been at my place for over 15 yrs and like the tax write off.”

Commentary from home owners who indicated price depreciation was not the primary reason they are unsatisfied with home ownership:

“I live next to the neighbor from HELL and this has gone on for 12 years.”

Question 3:


Question 4:

Commentary from home owners who indicated price appreciation was not the primary reason they are unsatisfied with home ownership:

“We designed and built the home ourselves. It has everything we wanted to have in a home.”

Question 5:

Commentary from home owners who indicated price appreciation was not the primary reason they are unsatisfied with home ownership:

“It’s a condo community for 55 and over. It’s very nice.”

Commentary from home owners who indicated price depreciation was not the primary reason they are unsatisfied with home ownership:

“As a senior citizen, am more concerned about reducing living costs for the future, and do not need the space now occupying.”

“As I get older, maintenance is becoming more of an issue.”

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Comments

7 Comments on “HomeGain’s 2012 National Home Ownership Satisfaction Survey Results”

Sam Spatter

Interested in Pittsburgh, Pa. responses. Can you provide them?

HG Blog Admin

Hi Sam,

I sent you an email earlier this morning regarding Pittsburgh responses.

charter pacific

WOw that is very impressive result of your survey.
That is the aim of real estate to satisfy customers..
Congratulations.

Vivian

Very informative study. I guess the primary reason for dissatisfaction is the reduction in the house value that occurred in the past decade. If it that was not the case, the results would have been different.

Valerie

I know this is not the venue for a lot of drilling down into the data, but it would be interesting to see the profiles of the 72% Satisfied w/Home Ownership vs those Unsatisfied. (just the info from a basic crosstab of the variables by Q1).

BenE

I believe most people are happy with the home purchase. As long as they are still able to afford the home, they will probably stay there for a long time.

SJB Quantity Surveyors

The things mentioned by the home owners for not satisfied on owning a home are slightly true. But most of the home owners are not familiar with the tax assessments. Such people can get help from the tax depreciation professionals so that they can avoid such stresses. Thanks for the informative post.

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