According to the 2011 National Housing Pulse Survey that was released recently by the National Association of Realtors (NAR), 72% of renters said that owning a home is a priority for them in the future.  The survey also revealed that 7 in 10 Americans agree that purchasing a home is a good financial decision; however 71% agree that the controversial 20% down payment would have a negative effect on the real estate market.

According to Ron Phipps, NAR President, “Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home. However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors® are strongly urging regulators to go back to the drawing board on the proposed rule.”

The National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for the National Association of Realtors Housing Opportunity Program.  1,250 adults across the nation were polled; the study has a margin error of plus/minus 3.1%.