Two-thirds of Americans who still live in the same home that they did before the Great Recession said their home is worth more now than it was in the pre-recession years, according to a new survey by Bankrate
. Twenty-three percent of those polled by Bankrate said the value of their home is about the same as it was before the economic crisis, while 11 percent said their home is now worth less.
Bankrate also reported that 46 percent of the survey respondents who were homeowners at the time of the recession say their home lost value from December 2007 to June 2009, the peak years of the economic crisis, while 21 percent said their home lost value during the recession and never regained its pre-recession worth. Eleven percent of those who experienced home value depreciation during the recession said they no longer want to own a home as a result and 23 percent said they now have a more affordable home or mortgage.
As for overall financial health, 51 percent of respondents said their overall financial situation is better now than it was before the recession, while 23 percent believed their post-recession financial state is worse and 25 percent said they were doing the same.
“The echoes of the Great Recession remain very present in the financial lives of many Americans, despite the improvement in the broader economy,” said Mark Hamrick, Senior Economic Analyst at Bankrate. “While some have managed to prosper in the decade since, there are still tens of millions who are struggling to even get back to where they were before the economy took a turn for the worse.”
Bankrate commissioned YouGov Plc to conduct the survey, which polled 2,740 adults, including 2,315 who were 18 or older when the recession.