Renting is Up, but Many Still Desire to Become Homeowners

11/7/2010

A survey by the National Association of Realtors (NAR) reveals that nearly 80 percent of Americans want to be homeowners. Despite such findings, economic conditions may make the goal unreachable for some.

A recent analysis by a large insurance company reveals that renting is up 10 percent between the fourth quarter of 2004 and the same quarter of last year.

NAR president Vicki Cox Golder says people need to be able to find jobs in order to get the economy back on its feet. The NAR survey found that job security woes are currently higher than they previously were.

"While a job recovery is what's needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future," says Golder.

Given the strained economic conditions, those who are able to reside in their own place should have home insurance. The coverage is crucial if funding is not available to replace possessions ruined by a natural disaster. 

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