As the country continues to emerge from the turbulent mortgage period, aspirations of home ownership are still very much alive in the U.S., according to a poll by TD Bank.
The poll found the majority (84%) of today’s younger renting generation (ages 18-34) intend to buy a home. Overall, more than half of consumers polled say home ownership is a vital component to defining the American Dream, and 59% associated feelings of excitement or pride as part of their first-time home buying process.
TD Bank surveyed more than 1,300 consumers across the U.S. to better understand the perceptions and attitudes surrounding home ownership, specifically examining the attitudes of current renters and prospective home owners, as well as past and present home owners.
The majority of current home owners surveyed report purchasing their first home early in life with 4 out of 5 buying between ages 18 and 34. Close to two-thirds of those polled continue to be home owners. The poll also found that first-time home buyers are more likely to cite achieving the American Dream as a primary motivation for purchasing their first home.
The survey revealed that plans to own a home tracked similarly across genders, with 66% of female respondents planning to own a home compared to 57% of men.
Other key findings from the survey:
- Three out of 10 home owners consider their house their dream home.
- While younger home owners are more stressed (20%) compared to older home owners when asked to look back on their first home, older home owners were more proud (51%), more confident (20%), and far less stressed (9%).
- Seventy-eight percent of respondents said that they plan to stay in their current home.
- Staying within budget (43%) 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 17th-25th, 2012. The sample size of 1,303 has a margin of error of +/- 2.3%. The survey was hosted by global research company Angus Reid Public Opinion.
Source: TD Bank