U.S. homeownership hits record low: Gallup | South Salem NY Real Estate

The 62% of Americans who say they own their own home marks a new low since Gallup began tracking self-reported homeownership in 2001.

It’s down from 68% in 2011.

But those surveyed also said they thought it was a good time to buy and that they thought prices would rise this year.

While the recession and financial crisis took place in 2008-2009, homeownership rates didn’t begin to reflect the bursting of the housing bubble until 2010, when 65% of Americans reported owning their own home — the lowest level recorded before this year.

Fifty-three percent of Americans believe their house is worth more today than when they bought it, down significantly from 80% in 2008 and 92% in 2006.

Still, 70% of Americans surveyed said it’s a good time to buy a house.

Americans are also much more positive about the direction of housing prices this year than they were last year.

Thirty-three percent expect houses in their neighborhood to rise in price. Last year, only 28% expected prices to rise.

Results were based on telephone interviews conducted April 9-12 with a random sample of 1,016 adults in all 50 states.

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