There’s no question that the recession has affected nearly every aspect of consumers’ lives – and this includes the homes in which they live. Recently, CooperKatz client,Coldwell Banker Real Estate, partnered with nationally-known psychotherapist, Dr. Robi Ludwig, to explore how the American mindset around homeownership has shifted since the economic downturn. Together, Coldwell Banker and Dr. Robi surveyed 2,100 consumers (with the help of Harris Interactive) to identify how the recession has impacted perceptions of the intangible value of home.
Homeownership has always represented a large piece of the American Dream. Yet, that notion has been increasingly questioned during the economic downtown, with many media outlets asking if the U.S. was fast becoming a nation of renters. It was assertions like these that the Coldwell Banker Real Estate survey set out to explore.
The majority of survey respondents believe the recession has caused the country to rethink reasons for owning a home. As they reflected on the post-recession climate, respondents agreed that there has been an overemphasis on the financial value of a home versus the emotional value it holds. Rather than just a set of market facts or dollar figures, a home is the place where memories are made and family histories are created.
This sentiment was reflected in another survey finding: that homeowners and renters alike agree that owning a home is still a part of the American Dream. In fact, a striking 83 percent of renters want to own a home someday. Additionally, 95 percent of survey respondents as a whole feel it’s important for their children to own a home.
The goal for the initiative was to raise awareness around the psychology of homeownership and the true value of a home. CooperKatz seeded this unique story to many top-tier outlets and blogs. Placements were secured in USA Today, TIME, Reuters, FoxBusiness.com, MSN Real Estate, Huffington Post, RISMedia and the NY Daily News, among many others. Dr. Robi discussed the survey in an interview with ABC News Now on attitudes about homeownership.
A YouTube video featuring Dr. Robi has received more than 2,900 views to date.
Clearly, the American Dream of homeownership is still alive and well. As economic recovery continues, it seems that consumers are focusing more on getting “back to the basics” with what’s truly important in their lives – and much of what is important will likely continue to center around that place they call home.