New Yorkers support homeownership

While many of us have read articles in national publications questioning the value of homeownership and government support for it, a recent study shows 84% of New Yorkers believe homeownership is a very significant part of achieving the American Dream. This was just one of the findings of a far-ranging homeownership study conducted by the Siena Research Institute in partnership with the New York State Association of Realtors this year. The study found that nearly all homeowners (97%) are satisfied with owning their own home. As a Realtors for 10 years in New York, I have seen firsthand what New York's homeowners overwhelmingly said in the survey: Owning their own home makes them proud, was something they always wanted, and their home is where lasting family memories are made. Although history has shown that over the long term homeownership can provide a solid financial return, the study shows that owning a home has many other benefits. For many, our home connects us to our community, it is where we build our families and is a marking post for personal achievement. Research during good housing markets and bad continually finds that homeownership builds stable communities, reduces crime and improves academic achievement Here in the N.Y. metro area, we see these benefits of homeownership in making our community a great place to live and raise our families. There are many good reasons to buy a home today, ranging from the financial (historically low mortgage rates) to the personal (having a place to call your own). More than one in five New Yorkers recognize this and have told us they intend to purchase their first home in the next two years. Another 15% of current homeowners intend to buy their next home during that time, some trading up to meet the needs of a growing family and others downsizing as their children leave the nest. These future homeowners deserve the continued support historically shown by government through the mortgage interest deduction and incentives like the recent tax credit. Realtors and homeowners together must continue to support public policies that promote responsible, sustainable homeownership to ensure that the residents of New York have an opportunity to own their piece of the American Dream. The housing downturn by itself did not create the troubled economy we now face. But a healthy housing market with active buying and selling along with responsible lending is a key to economic recovery. Much of the country is starting to emerge from the "Great Recession," and the main focus for our leaders needs to be on job creation. Once we put New Yorkers back to work, housing and the economy will have meaningful recovery. Matt Engel is the president, Bronx -Manhattan North Association of Realtors (BMAR) and VP, Langsam Property Services Corp., Bronx, N.Y.