Buy a home or bust
Rising home prices or not, it appears the American dream of homeownership is still very much alive. According to a new NerdWallet survey, 75 percent of U.S. residents say buying a home is a top priority, while 32 percent say they’ll actually buy one in the next five years.
Buying ranks big with Millennials
NerdWallet recently conducted an online homebuyer sentiment survey in conjunction with Harris Poll. More than 2,000 U.S. adults weighed in.
According to the poll, about 15 percent of Americans said they purchased a house in the last five years, and another 32 percent say they plan to. For Millennials, buying a home is an even bigger priority, with 82 percent ranking its importance and 49 percent saying they’ll buy in the next five years.
“Eighty-two percent of Millennials (ages 18-34) say buying a home is a priority, compared with 75 percent of Generation X and 69 percent of baby boomers (55 and older),” NerdWallet reported. “Millennials also aspire to buy a greater number of homes, on average, throughout their lifetime and are most likely to say they’d like to buy a home to rent out for extra income.”
About 17 percent of Americans said they prefer renting. Price is the overwhelming No. 1 concern that keeps renters from buying, with 56 percent saying they don’t have the means to buy a home. Another 24 percent say they don’t want the financial commitment.
Still, rising prices don’t seem to be too much of a hold-up. The majority of those surveyed said they plan to put 20 percent down when they buy a home.
Both recent and soon-to-be buyers say they’re optimistic about the transaction. Sixty-four percent see their house as a solid investment opportunity for their future.
Currently, about 28 percent of Americans feel better about their ability to buy a house this year, largely because of higher incomes and more savings. Twenty-three percent say they feel worse about their ability to buy.
But changing economic and political conditions could play a factor. About 35 percent said the current climate would make them more likely to buy a home, while an equal share said it would make them less likely.
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