Rising home prices are boosting confidence among homeowners, with homeownership still at the center of most American’s dreams, according to a survey released by Chase.
Owning a home is something 87% of homeowners have always wanted, according to the survey’s findings.
“Owning a home is at the heart of most American’s dreams,” said Kevin Watters, CEO of mortgage banking at Chase. “And people are saving as much as possible to achieve homeownership.”
Of the survey’s respondents, 66% believe that housing is a good financial investment, while 75% see homeownership as an integral component to raising a family.
“Owning a home is at the heart of most Americans’ dreams,” said Kevin Watters, Chief Executive Officer of Mortgage Banking at Chase. “And people are saving as much as possible to achieve homeownership.”
A significant driver to the optimism, the study suggests, can be attributed to increasing buyer confidence as the market makes a recovery.
When compared to six months ago, nearly twice as many potential first-time buyers are optimistic about being able to save for a down payment over the next six months.
Overall, 56% of consumers expect their finances to improve over the next six months, while only 8% expect them to worsen, according to the findings.
“First-time home buyers are crucial to the housing market and the overall economy – and to their communities,” Watters said. “As families buy their first home, they are investing in their communities and enable other families to move up. That will eventually spur more new construction, generating additional jobs.”
Also reported in the survey was that twice as many consumers who refinanced plan on spending more over the next six months than those who did not refinance.
Saving money to purchase a home was also a roadblock to a significant portion of respondents’ dreams of homeownership, with 68% of renters expressing the desire to own a home, but cite saving money as becoming increasingly difficult.
Additionally, 60% of homeowners said that they plan to invest in improving their property in the next year.
Written by Jason Oliva