Study Finds 84 Percent of Renters Intend on Buying a Home
A homebuyer poll released by TD Bank has revealed that aspirations of homeownership are still very much alive in the U.S. The majority (84 percent) of today’s younger renting generation (ages 18-34) responded that they intend to buy a home. Overall, more than half of consumers polled say homeownership is a vital component to defining the American Dream and 59 percent associated feelings of excitement or pride as part of their first-time homebuying process. TD Bank surveyed more than 1,300 consumers across the U.S. to better understand the perceptions and attitudes surrounding homeownership, specifically examining the attitudes of current renters and prospective homeowners, as well as past and present homeowners.
The majority of current homeowners surveyed report purchasing their first home early in life with four out of five buying between the ages of 18-34. Close to two-thirds of those polled continue to be homeowners. The poll also found that first-time homebuyers are more likely to cite achieving the American Dream as a primary motivation for purchasing their first home.
“There’s no denying buying a home is a pivotal point in a person’s life. Our survey tells us that people are looking to buy homes, and attitudes towards homeownership have continued to remain positive over the years,” said Michael Copley, executive vice president of retail lending, TD Bank.
Of those who intend to own, the American Dream (18 percent) is considered as important or more than other motivations for buying a home, such as:
►Good opportunity: 17%
►An evolving family: 11%
►Being financially ready: 10%
The survey revealed that plans to own a home tracked similarly across genders, with 66 percent of female respondents planning to own a home compared to 57 percent of men.
“With more than half of homeowners surveyed stating getting a mortgage and making a down payment is the preferred method of payment, choosing a lender remains a vital step in the home buying process,” said Copley. “At TD Bank, we are a portfolio lender; we don’t sell our customers. We have more flexible lending guidelines and interest rates resulting in more affordable, and easy to understand, home financing options to suit various borrowing needs.”
Other key findings from the survey include:
►Three out of 10 homeowners consider their house their dream home.
►While younger homeowners are more stressed (20 percent) compared to older homeowners when asked to look back on their first home, older homeowners were more proud (51 percent), more confident (20 percent) and far less stressed (nine percent).
►Seventy-eight percent of respondents said that they plan to stay in their current home.
►Staying within budget (43 percent) is a top consideration when buying a home among those who intend to buy.
The study was conducted among a nationally representative group of consumers from April 17-25, 2012. The sample size of 1,303 has a margin of error of +/- 2.3 percent. The survey was hosted by global research company Angus Reid Public Opinion.
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