Nearly 75% of Americans perceive homeownership as the highest measure of prosperity.
Homeownership Considered to be Pinnacle of American Dream
Despite the challenges of affordability, nearly 75% of participants in a study released by Bankrate.com ranked homeownership as the fulfillment of the American dream. Other contenders included:
- Having successful career – 60%
- Raising a family- 40%
- Earning a college education – 32%
This survey, conducted by the market research firm, YouGov, on behalf of Bankrate, had 2,529 adults, 1,397 of whom were homeowners.
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Affordability Factors Biggest Challenges for Non-Homeowners
Only 14% of the 1,397 non-homeowners who were survey participants said they were not particularly interested in becoming homeowners regardless of housing market and/or personal circumstances.
Approximately two-thirds of the 86% of nonhomeowners pointed to various affordability factors that were holding them back from homeownership. Those affordability factors included:
- Income level
- Soaring house prices
- Ability/inability to make a down payment
- Poor credit
- Not being ready for homeownership
- High mortgage rates
Potential Homeowners Willing to Make Compromises to Find Affordable Housing
Bankrate found that 58% of all survey respondents would be willing to make compromises in order find and purchase an affordable home. Those compromises included moving to another state, buying a fixer-up or moving to a less desirable area. (A “less desirable” area was not defined.)
Jeff Ostrowski, a senior reporter at Bankrate who specializes in mortgages and the housing market, said that the survey participants who are willing to make compromises for the sake of affordability were younger participants. “Boomer and Gen-X (survey participants) have built up equity, so there was a smaller percentage of older people willing to make concessions.”
Ostrowski also made a point of saying that there are still affordable homes to be found. Ostrowski underlined that the cities to look for affordability are in Midwestern and Northeastern places such as Cincinnati, Cleveland, Detroit, Indianapolis, Pittsburgh and St. Louis. Ostrowski said, “In all of those places, the median home prices are $300,000 or less.”
Large Majority of Homeowners Would Choose Their Current House & Location Again
The recent advent of remote working that has enabled workers to relocate to greener, smaller and less expensive pastures has not spurred the majority of Americans away from their current houses and locations.
When asked where they would choose to live, Bankrate found that 72% of homeowners would buy their current home again.
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Thanks to Bankrate.com and The New York Times.
