Buying their own home is still a major life goal for the vast majority of non-home owning Americans, according to a major new poll, pouring cold water on the idea that the housing crisis has made home ownership less of a priority in people’s lives.
The poll, which was carried out by Integra Realty Resources on a cross-section of non-homeowners aged between 22 and 50, found that just over 75% of these people considered buying a home as being an integral part of their life plans.
Integra Realty Resources claim that the survey is solid evidence that enthusiasm for home ownership hasn’t waned in recent years.
In fact, they found that the idea of homeownership among non-homeowners was even more positive with the younger generation – those under the age of 30 – than with older buyers. According to the poll, 47% of respondents under 30 years old rated homeownership as “very important”, compared to just 41% among those over 30.
However, while the desire for homeownership remains, many are finding that attaining that dream is next to impossible. In particular, younger generations say that financing is very difficult to come by, something that is not helped by the current level of job insecurity.
Coming up with a down payment to take advantage of today’s record low mortgage rates is the major stumbling block for 31% of respondents, while 24% are holding off from buying a home due fears of making a bad investment. In addition, 21% say they won’t buy yet due to the uncertain outlook of the economy.