The majority of Americans believe the housing market has reached bottom, but they are more cautious about owning a home, according to a recent Fannie Mae national housing survey.

Consumers also believe that home prices will hold steady (47 percent) or increase (31 percent) over the next year, and that rental prices will stay the same (46 percent) or go up (39 percent), according to the survey. The general population believes the average expected rise in rental prices will be four times that of home prices (3.6 percent versus 0.9 percent).

Seventy percent of consumers think it is a good time to buy a house, compared with 64 percent in a similar survey conducted by Fannie Mae in January 2010, according to a statement. But 33 percent – up from 30 percent – of all survey respondents said they would be more likely to rent their next home if they were to move.

"Our survey shows that consumers see a mixed outlook for housing and homeownership," said Doug Duncan, vice president and chief economist, Fannie Mae. "These findings indicate a return to a more balanced and realistic approach toward housing. While this will likely weigh on the housing recovery in the near-term, it should, over time, help to build a stronger and healthier market focused on sustainable homeownership."

Most consumers (67 percent) continue to believe that housing is a safe investment, according to the survey. However, that number is down 16 percentage points from a similar survey conducted in 2003 – the largest drop by far among all investment types tracked since then. Delinquent borrowers and renters are more discouraged than mortgage borrowers and underwater borrowers about a home’s safety as an investment and the appeal of buying versus renting. More than 70 percent of all respondents believe it will be harder for the next generation to buy a home, up three points from the beginning of the year.