Owning a Home Is Still the American Dream
87% of Americans want their own home even after crisis
Rising home values boost confidence
NEW YORK--(BUSINESS WIRE)-- The American dream of homeownership is alive and well even after the battering prices and budgets took during the housing crisis, according to a survey released today by Chase. A total of 87% of respondents said owning their home is something they have always wanted.
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.
While 66% believe housing is a good financial investment, 75% see it as an important part of raising a family.
Owning a home will not only give my husband and me pride and roots, but it will also bring pride in my children and respect from my friends and family, said one respondent.
Potential home buyers are gaining confidence. 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.
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.
Other findings include:
- Twice as many consumers who refinanced plan on spending more over the next six months than those who did not refinance.
- 68% of renters want to own a home, but cite saving money to purchase a home as becoming increasingly difficult. While pulling together a down payment has always been challenging, tighter requirements have raised the hurdle.
- 60% of home owners plan to invest in improving their property in the next year.
Chase is the second-largest originator of U.S. mortgages, making $192 billion in new and refinanced mortgages in 2012. It services 7.6 million mortgages, and has modified 610,000 mortgages to help homeowners since 2008. Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. Chase serves millions of consumers and small businesses through more than 5,600 bank branches, 18,600 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.
Amy Bonitatibus, 614.422.6699
Source: ChaseCopyright Business Wire 2013