Reasons to Buy

I was at a seminar recently and part of the subject matter was what motivates a person to buy a house?  While the reason is often very personal and depends on many scenarios, I think the answers to the question may surprise you.

Based on a Fannie Mae survey, here are the top 5 reasons Americans buy a home:

• A better place to raise their children
• A place their family can feel safe
• Ability to have more space
• Freedom to renovate to their taste
• Owning is a better investment.

Interestingly, the financial reality of a home purchase is at the bottom of the list.  For most Americans it's a lifestyle choice before a monetary one.  Of course, price comes into play, but it's not one of the top four reasons cited.

Even when owning is still 35 percent cheaper than renting, it's the lifestyle choices that really move people to purchase.