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Economy Delays Home Purchases for 27% of US Homeowners

More than one-quarter (27%) of American homeowners say that the current economic environment is causing them to put their plans to buy a new or existing home on hold, according to (pdf) a new Ipsos Public Affairs poll conducted on behalf of Realogy.

Among those who are most likely to say they are putting off a home purchse because of the financial crisis:

• Non-white homeowners (46%)
• Homeowners under age 35 (38%)
• Parents with children under 18 (33%)
• Those with a household income of less than $50,000 (33%)

Despite current hesitation to buy a new or existing home, nine in ten homeowners (91%) agree that owning a home is still the best long-term investment they can make with their money. Nearly three-quarters (72%) say that aside from shelter, they primarily see their current residence as a long-term investment.

Similarly, the majority of homeowners see renting as a waste of money. Some 87% agree that over the long-term, paying rent for housing is like throwing money away, and 95% of homeowners would rather own than rent their homes.

About the survey: The interviews were conducted October 23-25, 2008 by Ipsos Public Affairs among a nationally representative, randomly selected sample of 1,023 homeowners adults across the US. These data were weighted to ensure the sample’s regional and age/sex composition reflects that of the actual U.S. population according to data from the US Census Bureau.