Homeownership still major goal for many05/25/2012
While the housing crisis may have caused some Americans to become turned off by the idea of purchasing their own property, a new report suggests responsible homeownership is something the overwhelming majority of individuals aspire to.
According to TD Bank's Home Buyer Poll, approximately 1,300 adults between the ages of 18 and 34 were questioned about their thoughts as it pertained to homeownership, many of whom were currently renting. Overall, nearly 85 percent of respondents said they had every intention of buying a home, with roughly half indicating it was a fundamental aspect of the American Dream. In addition, among those who were new to homeownership, nearly six in 10 said they associated the first-time home buying process with feeling of joy, anticipation, pride and excitement.
Michael Copley, executive vice president of lending at TD Bank, said the poll indicates most people view homeownership as an accomplishment worthy of being proud of.
"There's no denying buying a home is a pivotal point in a person's life," said Copley. "Our survey tells us that people are looking to buy homes, and attitudes towards homeownership have continued to remain positive over the years."
In addition to respondents being receptive to the idea of homeownership, the poll also looked at some of the motivating factors that made them want to pursue it. Among the reasons cited, most said they were driven by it being a good opportunity for growth, to satisfy the needs of an evolving family and being at a point in life where they were financially prepared to take on the responsibility.
The survey also examined whether there were any differences between men and women in their plans for homeownership. Sixty-six percent of women and 55 percent of men planned to own a home at some point.
Because many of the individuals polled were already homeowners, TD Bank targeted some of the study's questions for their consideration exclusively. One of which was how they felt about the place they currently lived in. Three out of 10 homeowners indicated that they loved their home so much, they saw it as their dream house. They were also asked to think back on their first home and what feelings emanated. Overall, older homeowners were more likely to feel pride when compared to homeowners who were younger as well as more confident.