It's commonly known that most people want to own their residence, and are willing to make major sacrifices to attain that goal. One organization has researched the key reasons for the desire for home ownership.

"The top reasons Americans say they want to own a home: The opportunity to build equity, the desire for a stable and safe environment, and the freedom to choose their neighborhood."

That's according to the National Association of Realtors' 2015 National Housing Pulse Survey, a poll of 1,000 adults nationwide in the 50 largest metro areas, it was noted in a special report.

"More than eight in 10 Americans say that purchasing a home is a good financial decision, and 68 percent say now is a good time to buy a home, according to the survey. What's more, 71 percent of those surveyed also believe they could sell their house for what they paid for it — up 16 percentage points from 2013.

"Home ownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities," says NAR President Chris Polychron.

The report pointed out that some problems still exist. "78 percent of respondents say college debt and student loans are the main barriers to them in making a home purchase affordable.

"76 percent of those surveyed say they have a full-time job but still do not make enough money to purchase a home, and 74 percent say they do not have enough money for a down payment and closing costs.

"A growing number of respondents are also concerned about climbing housing costs: 41 percent call the lack of affordable homes a 'very big' or 'fairly big' problem in their area — an increase of nine percent points from 2013," the NAR report concluded.

Q: Is there any early projection about mortgage originations next year?

A: One credible organization is projecting purchase originations rising 10 percent in 2016. The Mortgage Bankers Association announced that it expects to see $905 billion in purchase mortgage originations during 2016, a 10 percent increase from 2015, according to an MBA news release.

"In contrast, MBA anticipates refinance originations will decrease by one-third, resulting in refinance mortgage originations of $415 billion. On net, mortgage originations will decrease to $1.32 trillion in 2016 from $1.45 trillion in 2015.

"For 2017, MBA is forecasting purchase originations of $978 billion and refinance originations of $331 billion for a total of $1.31 trillion."

"We are projecting that home purchase originations will increase in 2016 as the US housing market continues on its path towards more typical levels of turnover based on steadily rising demand and improvements in the supply of homes for sale and under construction. Despite bumps in the road from energy and export sectors, the job market is near full employment, with other measures of employment under-utilization continuing to improve," said Michael Fratantoni, MBA's chief economist.

"We are forecasting that strong household formation, improving wages and a more liquid housing market will drive home sales and purchase originations in the coming years."

Q: Is the net worth of homeowners greater than that of renters?

A: Homeowners' net worth is definitely higher than renters'. A typical homeowner's net worth is $195,400 compared to a renter's $5,400, according to the Federal Reserve's last data from 2013.

"The Fed's next survey of household finances, which is conducted every three years, is due out in 2016, and the renter to home owner gap is expected to widen further due to price increases," it was noted in a report from the National Association of Realtors.

The report continued: "Lawrence Yun, chief economist for the NAR, predicts the figure to jump to $225,000 to $230,000 in median net worth for home owners in 2016 and around $5,000 for renters. If that proves correct, the typical home owner will be ahead of a typical renter by a multiple of 45 on a lifetime financial achievement scale."

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com. Jim Woodard's email: storyjim@aol.com.