Good information - had to share ....
Trulia American Dream Survey â€“ Fall 2011
Survey Says: American Dream (of Homeownership) is Alive and
This past year has been filled with a series of unfortunate
events â€“ from the economy hovering
on the edge of another recession and a lackluster
real estate market to politics
that are making people second guess their 2008 vote. Given everything that
has happened, itâ€™s only natural to assume that fewer people would say buying a
home is a good idea, right? Surprisingly, this is not the case.
What our survey told us is that a whopping 70% of
Americans said they still see homeownership as being part of their personal
American Dream. When we asked this
same question back in January, it was also 70%. What this means is being a
homeowner is still on most Americansâ€™ â€œIâ€™ve made it in the U.S.A.â€ to-do list
and that nothing (thatâ€™s happening politically or economically) is going to
bring them down. Even when you look at the data by age (as we did below), most
said their American Dream includes owning a home. In particular, we thought this
sentiment was pretty strikingly high among young people â€“ the children of the
90s and 80s in this case â€“ especially when you consider the fact that most do
not own their own homes.
Homeowners Canâ€™t Get Enough (Of Buying Homes)
or not, 57% of current homeowners said owning a home is among the best long-term
investments they could make â€“ even more than buying
gold and putting cash under a mattress (go figure). If you think about it,
thatâ€™s a bold statement considering how many people have lost
their homes to foreclosure thus far. As a matter of fact, 80% of these folks
say they want to buy another house in the future. But wait, thereâ€™s more. When
we broke down this stat by age, we found out that an astonishing 69% of current
homeowners age 55 years old or older (weâ€™re talking retired or almost retired Baby
boomers here) plan to buy another home. Must be something about that
homebuying rush that they canâ€™t get enough of, eh?
Buying A Home Ainâ€™t No Walk In The Park
markets may be â€œofferingâ€ a blue light
special on real estate all year long, but times have changed. The home
buying process isnâ€™t easy anymore.
Hands down, the biggest barrier to being a homeowners is saving
up for a down payment (though this isnâ€™t necessary a bad thing â€™cause you
should be putting at least 20% down. Letting people buy with zero down
was one of many things that got us into this mess of a housing crisis). This
especially rang true for Millennials (18-34 year olds) â€“ 62% Â said this was
among the biggest hurdles that they faced in trying to buy a home. On the flip
for a mortgage and having a poor
credit history were a bigger concern among Gen Xâ€™ers (35-54 year olds).
by the Trulia Insights Team
September 20, 2011