A survey by the Georgia Credit Union Affiliates found that more than sixteen percent of Georgians are putting off home ownership. Experts believe fewer people believe buying a home is a good investment.
More than 16 percent of the seven thousand credit union members who responded to the survey said owning a home is no longer a current goal. Anita Paul with the Georgia Credit Union Affiliates:
“We found that home ownership is not as high on the list as it probably used to be for a lot of Georgians.”
Respondents said they were earning less, they are focused on paying down debt and they are concerned about the national economy.
Professor Rajiv Dhawan, an economist at Georgia State University, says many people are questioning whether buying a home is right for them.
“Home prices have come down severely and substantially. And they have remained low, so people are now beginning to question the strategy of is home an investment?”
Paul says baby boomers continue to see buying a home as an important investment. She says some younger consumers are thinking “There’s other things I could spend my money on”