Homeowning not seen as wealth strategy / LJWorld.com

Archive for Friday, June 26, 2009

June 26, 2009

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Chicago — Nearly half of American adults who participated in a recent survey said they no longer believe that homeownership is a realistic way to build wealth, the National Foundation for Credit Counseling reported this week.

The findings, from a recent survey of about 1,000 people, run counter to the long-held perception that a home should be part of a person’s financial strategy, the NFCC said.

“It had been considered the cornerstone of wealth building,” said Gail Cunningham, spokeswoman for the NFCC. Homeownership had been a significant tool that most people felt was necessary to prepare for retirement, she said in a phone interview.

The survey was conducted because the organization was curious about future implications of living through the mortgage meltdown, she said. Conditions have caused many people to change their attitudes about housing, she said.

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