Santa Barbara Coastline by local artist Chris Potter
Americans still prefer real estate over other types of long-term investments. More than 1 in 4 Americans said real estate was the best investment for money they would not need for at least a decade according to a new Bankrate.com survey of 1,000 investors. Compare that with stocks and gold, which were favored by 16 percent of respondents. This finding mirrors the 2014 Gallop Poll in which Americans preferred real estate to gold, stocks, or savings accounts. In this survey cash came in second with 23 percent of investors, only 17 percent said the stock market is their preferred place for long-term money and just 5 percent said they would put their long-term money in bonds.
Demand for real estate drove existing home sales levels to their highest level in ten years according to Freddie Mac. Realtor.com’s Chief Economist Jonathan Smoke echoed, ” 2016 was the best housing market in a decade.” It is the first time real estate has taken the top spot in the three years that Bankrate has been conducting the survey. Cash was investors’ favorite in 2013 and 2014. “It begs the questions if more Americans are once again viewing real estate as the golden ticket,” said Greg McBride, a chief financial analyst for Bankrate.
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