Even Americans who do not believe owning a home is a great financial decision still believe it is an important aspect of raising a family.
It’s not the first report on the “American Dream” of homeownership, and it certainly won’t be the last. Chase, however, is the most recent lender to release information supporting the happy concept that the “American Dream of Homeownership” is alive and well. According to a recent survey conducted by the bank, 87 percent of Americans still say that “owning their home is something they have always wanted” and that about two-thirds still believe it is a good financial investment. Perhaps more importantly, three-quarters believe home ownership is “an important part of raising a family.”
Chase analysts optimistically predicted that this stalwart faith in the concept of home ownership will likely bolster both the housing market and the overall economy in the coming year, particularly since first-time homebuyers are likely to reenter the market in an attempt to avoid projected rising interest rates due to hit by the end of 2013. “As families buy their first home, they…enable other families to move up [and]…spur more new construction, generating additional jobs,” explained Kevin Watters, chief executive officer of mortgage banking at Chase. At present, however, the survey findings indicate that although Americans want to own homes, those that do not presently are having a tough time making the leap to ownership. 68 percent of renters say that “saving money to purchase a home is becoming increasingly difficult” thanks to tighter lending requirements.
Do you think that home ownership is still a viable American dream? Is it even a good goal for most people?
by Carole VanSickle