No Place Like Home, Even For “Underwater” Owners

Home values may be sinking in some areas of the country, but that hasn’t stopped homeowners from finding comfort in their homes, according to two studies by the Pew Research Center.

Pew finds that 30 percent of mortgage holders say they are “underwater” on their mortgages, meaning their homes are worth less than they owe, and they are under more financial strain than those who are not. Of those who owe more than the current value of their home, 23 percent are under 30 years old and 41 percent earn less than $50,000 a year. Nearly half of underwater mortgage holders (47 percent) say their top concern is their job situation followed by falling real estate values (19 percent).

Despite falling home values, the majority of homeowners (90 percent) say their home is a source of comfort in their life, while only 6 percent say it is a burden, according to a related Pew survey. This view is consistent among all major demographic groups including gender, race, age, marital status, income, education, employment status or whether they have children.

The survey also finds that an overwhelming majority of homeowners (82 percent) believe that this is a bad time to sell a home in their area, while 73 percent said that this is a good time to buy a home.