Majority of Americans Still Value Homeownership #realestate #investment

Source:  DSNews.com

A new report from Ipsos Public Affairs and Wells Fargo found that owning a home is still important to the majority of Americans as part of the third annual "How America Views Homeownership Survey."  The study involved 3,400 total respondents during May 2016, capping three years of consumer research to assess the attitudes and barriers that consumers face as they consider buying a home.

Making Sense of the Story
- The survey found that 93 percent of those polled believe homeownership is an achievement to be proud of, and 86 percent say owning a home is a dream come true.

- Also, 74 percent of respondents said they believe now is a good time to buy a home.

- As for millennials, 40 percent of respondents between the ages of 18 and 34 said they "definitely will" or "probably will" buy a home in the next two years, which was nearly double the percentage of the general population (22 percent) that plans to become homeowners over the same period.

- The top three factors preventing homeownership, according to the survey, were not being able to save money for a down payment (23 percent of respondents), not wanting to make a long-term commitment (20 percent), and not a good enough credit rating (17 percent).

- While the majority of respondents viewed owning a home as a dream come true, at the same time, more than three-quarters of those polled (78 percent) agreed that "Having to go through the home-buying process is a hassle."

- Results revealed that consumers want both digital convenience and personal support when seeking a home loan.  For example, 81 percent prefer to have a personal connection with their lender, knowing someone is there to answer questions.

- The survey also found that people believe that home buyers should know what they are getting into when pursuing a mortgage; however, 91 percent of respondents said they believe the home-buying process should be thorough enough that borrowers are provided sufficient information.

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