Gallup Poll: Americans Say Buy Now

Zillow.com reports that with dropping home values in many markets mixed with interest rates at historical lows, homes are more affordable now than they’ve been in the last 35 years, 

The average buyer in todays market can expect to spend about 17 percent of their monthly gross income on a mortgage, which compares to a 25 percent average since 1975 according to Zillow.com. 

With affordability high, Americans seem to be getting the message about the value of home ownership. According to a recent Gallup poll nearly 70 percent of Americans say now is a good time to buy a home.

Americans living in the West are more favorable toward buying (75 percent), which compares to 64 percent of Americans who live in the South who say now is a good time to buy. 

According to the Gallup poll Americans with higher incomes also show more of an interest in home ownership. Americans who make $75,000 or more a year are 18 percent more likely to say that 2011 is a good time to buy a home than those making $30,000-$75,000.