Gallup recently released results of a new poll regarding homeownership and housing values. Here is some of the interesting data:

Americans are much more positive about the direction of housing prices this year than they were last year. They are significantly more likely to expect the average price of houses in their area to increase over the next 12 months than to decrease, 33% vs. 23%. Last year, Americans were about evenly split, 28% to 30%…

Today’s housing price expectations differ sharply from those during the housing price boom. In 2005, 70% of Americans expected house prices in their area to increase, while 5% expected them to decrease. Expectations moderated as prices hit record levels in 2006-2007. Expectations became more negative during the recession and financial crisis. In 2010, price expectations were similar to those anticipated today…

Fifty-three percent of Americans believe their house is worth more today than when they bought it, down significantly from 80% in 2008 and 92% in 2006. It confirms that many Americans are underwater in terms of the value of the home they currently own.

These lowered expectations about their housing values seems to go along with lower homeownership rates, reported at 60% by this Gallup data but the Census said the homeownership rate was 66% in the fourth quarter of 2012. I would guess that the Census has a bigger and better sample than Gallup to assess this.

I wish they had gone on to ask whether homeowners believe their houses should make money in the long run. These lowered expectations come after a period from roughly the early 1990s to middle 2000s where more people viewed their homes as good investments. Even after the economic crisis, I would guess a majority still believe their homes should earn them some money in the long run even if it takes a little longer to get that value.