Home News Homeownership Remains the American Dream, Despite Challenges

Homeownership Remains the American Dream, Despite Challenges

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Almost three-quarters of Americans find that owning a home is a higher achievement than having a successful career, raising a family, or getting a college degree, according to a new survey. I am saying. But affordability remains a challenge for many of them.

Investigation, Released in March for Bankrate.comFinancial services companies say that 74% of respondents outperform careers (60%), children (40%) and college education (35%), ranking home ownership as the best measure of prosperity. discovered.

A survey conducted by market research firm YouGov consisted of 2,529 adults, of whom 1,397 were homeowners. About two-thirds of respondents who do not own a home pointed out one or more affordable factors to keep homes in check, such as income levels, soaring home prices, and the ability to pay down payments. Other factors include poor credit, unprepared homes, and high mortgage rates. 14% said they were not prone to becoming homeowners, regardless of the situation.

To find more affordable homes, 58% of all respondents said they were willing to compromise, such as moving to another state, buying fixer uppers, or moving to less desirable areas. Jeff Ostrovsky, senior reporter for the housing market and mortgages at Bankrate.com, said these results were biased towards young Americans. “Because the baby boomers and Generation X have built fairness, a small percentage of older people want to make concessions,” he said.

But he added that still affordable homes can still be found in Midwestern and northeastern cities such as Cincinnati, Cleveland, Detroit, Indianapolis, Pittsburgh and St. Louis. “In all of these places, the median home price is below $ 300,000,” he said.

Despite the rise of telecommuting that has accelerated the transition from expensive coastal cities to the more affordable inland housing market, the majority of homeowners in the survey were satisfied with their choice: 72 percent they are now I said I would buy my house again.

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