Americans desire for homeownership tempered by economy

A new survey by Fannie Mae finds that while many homeowners still feel strongly about buying a home, they also remain realistic about the current state of the market.

According to the survey, 89 percent of owners and 44 percent of renters felt that their financial situations would be better off if they owned a home.

Some of those attitudes have been affected by recent home sales and price drops. Fifty-one percent of people said that the housing crisis didn't affect whether they wanted to rent or buy, 27 percent said they were more likely to buy and 19 percent said they now preferred renting.

"Despite Americans' strong desire to own their homes, our study reveals that life events are greatly influencing families' decision to rent. This trend, coupled with the housing crisis, has caused consumers to approach homeownership with greater caution and thoughtfulness," said Doug Duncan, Fannie Mae vice president and chief economist.

The Houston real estate market has also seen evidence of this trend towards renting. According to the Houston Association of Realtors, demand for single-family home rentals in the area in October was more than 20 percent above last year's levels.