A new survey shows the vast majority of Americans still regard homeownership as a “highly desirable goal,” despite lingering effects of the housing crisis in the market. The results stem from the latest COUNTRY Financial Security Index® survey and overall it was found that Americans are feeling more optimistic, likely due to an improving economy and labor market.
Making sense of the story
- The survey found that 89 percent of Americans feel that buying a home is an important part of achieving the American Dream.
- Furthermore, 64 percent of respondents expressed belief that owning a home is an attainable goal for a typical middle-income family, a significant improvement over last year, when just 41 percent said the same.
- There was a generational split on opinions regarding whether or not the goal of homeownership is achievable. Respondents among the ages of 30–39 and ages 50–64 were most likely to be negative in that regard, with 26 percent and 20 percent, respectively, saying owning a home is not an attainable goal for a middle-income family.
- Among non-homeowners, a quarter of those under age 30 and a fifth of those ages 50–64 said they have no interest in owning a home.
- For those who currently don’t own a home, financial limitations represent some of the biggest barriers to homeownership. Fourteen percent say a low credit score is the primary obstacle.
- Americans also cite a lack of a down payment (13 percent) and the price of homes in the area (12 percent) as impediments to homeownership.
- More than half (56 percent) say their home is a long-term investment of 10 years or more to help fund retirement goals. Half of Americans also said they would avoid taking out a home equity loan unless absolutely necessary.
courtesy of: California Association Of Realtors