Owners, Renters Agree: Owning a Fort Collins Home Is a Smart Decision
A large portion of current Fort Collins owners and renters have agreed that owning a home in this city is an intelligent decision as a long term investment. 95% of home owners and 72% of renters have stated in a poll, conducted by the American Attitudes about Homeownership, that it’s better to own a home in Fort Collins than it is to rent a home in Fort Collins.
The reason for this decision is that renters and owners alike believe that owning a home helps the Fort Collins community as a whole, helps individuals and families, builds our community, and is an important aspect of having a strong, national economy. In a separate poll, owners have turned out to be much more satisfied with their current living situation as opposed to renters.
More than half of home owners reported that they are either very or extremely satisfied with the overall quality of their family life while only one third of renters felt the same way. This shows that being a home owner may be a factor in a better quality of life.
More than half of home renters, 63% have stated that they are somewhat likely to be interested in purchasing a Fort Collins home in the future. Of these 63% of renters, the strongest results came from younger demographics which included 18-29 year olds. Only 8% of the younger demographics have said that they were unlikely to purchase a home, which shows strong interest in future home buying in Fort Collins.
A big concern that is affecting the market right now is job security. Since the economy has recently been through many ups and downs, many renters are not interested in applying for mortgages because they aren’t completely sure about what will happen in the future. Another issue that is affecting these renters is whether or not lenders are willing to give loans based on stricter rules imposed by the government on mortgages.
The majority of both home owners and renters (74% of home owners and 62% of home renters) agree that interest rate deduction is extremely or very important to keep in place in our economy. When many concerns are stemming from individuals and families about whether they will be able to survive financially or not, these Fort Collins residents understand that keeping interest rates under control is a way for money to be saved for mortgage holders in times when no one is completely sure where the economy will go.
In the long run, it’s essential to understand that renting a home would probably cost more than owning a home. When you own a home, your mortgage payments are going towards your net worth. When you rent a home, you’re simply losing money every month. Many Fort Collins residents agree that home ownership is a good idea and it could be useful to contact a realtor in the area to see if home ownership would work for you.