There is ‘High Priority on Home Ownership’

More than two-thirds of Americans believe that owning a home is an essential part of the American dream, according to a new survey released by the National Association of Home Builders of more than 11,300 registered voters.

Other recent surveys also have shown a high desire for home ownership, despite the home ownership rate remaining stalled near a historical low of 64 percent. About 80 percent of millennials recently surveyed by rental website Apartment List say they hope to one day buy a home.

However, being able to afford one is the main obstacle, millennials say, that is holding them back. Thirty-six percent of the 24,000 millennial renters born between 1982 and 2004 surveyed said they’ll likely need to wait more than five years.

Source: National Association of Home Builders and “Wannabe Buyers Aren’t Saving Enough,” REALTOR® Magazine (5/30/2017)

Hispanics Are a Growing Home Buying Force

While the national homeownership rate decreases, ownership rates among Hispanics are defying the trend with steady rises.

The Hispanic homeownership rate grew to 46 percent last year, topping previous highs of 45.6 percent in 2015 and 45.4 percent in 2014, according to the National Association of Hispanic Real Estate Professionals’ 2016 State of Hispanic Homeownership Report.

More than 7.3 million Hispanic households owned their homes in 2016, 330,000 of which were from new households formed in 2016. That comprises 38 percent of all households formed, according to the report.

“The significance of a strong desire for homeownership cannot be overstated,” the report notes.

More information at: “Hispanic Homeownership Rate Rises for Second Straight Year,” RISMedia (March 28, 2017)

 

Top 3 Reasons Why Americans Want to Own

Top reasons Americans say they want to own a home: The opportunity to build equity, the desire for a stable and safe environment, and the freedom to choose their neighborhood. That’s according to the National Association of REALTORS®’ 2015 National Housing Pulse Survey, a poll of 1,000 adults nationwide in the 50 largest metro areas.

More than eight in 10 Americans say that purchasing a home is a good financial decision, and 68 percent say now is a good time to buy a home, according to the survey. What’s more, 71 percent of those surveyed also believe they could sell their house for what they paid for it –up 16 percentage points from 2013.

“Home ownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities,” says NAR President Chris Polychron.

Source: National Association of REALTORS®

Hispanics to make up “Half of New Buyers”

A “mega-boom in home ownership” is brewing as Hispanic Americans look to join in home ownership. We agree with Movoto, a real estate brokerage in San Mateo, Calif., “Hispanics will make up half of new home buyers nationwide by 2020.”

The growth in that time frame is expected to be big, considering that currently 75 percent of first-time home buyers are white and only 11 percent are Hispanic.

Observers say that with Hispanics’ birth rates and purchasing power drastically increasing.  Hispanics are expected to be a powerful force in real estate in coming years.

More than half of all infants born in the United States last year were minorities or multiracial, according to U.S. Census data. Hispanics account for 8.9 births for every death, while whites have 1.1 births for every death. The Hispanic population in the United States has more than tripled between 1980 and 2010, according to the National Association of Hispanic Real Estate Professionals’ data.

“In general, Hispanics hold fast to the American dream,” states a recent article at Forbes. “According to national housing surveys, despite worries over jobs and the economy, they are more eager to become home owners for both emotional and financial reasons.”

Source: “American Dream: Hispanic Home Buyers on the Rise,”  Forbes 5/ 3/12

Boomers More “Willing to Help Kids” with Down Payments!

Two-thirds of baby boomers say they want to help their children or grandchildren with a home down payment, according to a study of more than 1,000 baby boomers age 45 and up conducted by Meredith Research Solutions.

In fact, one in five boomers surveyed say they’ve already loaned their children money, cosigned a mortgage, or given a cash gift for a down payment on a home.

Even baby boomers not considered wealthy are willing to offer help on down payments. While baby boomers who make more than $75,000 a year were found to be the most willing to offer help, 46 percent of baby boomers who make less than $75,000 per year say they also plan to help their child with a future home purchase, according to the survey. 

So why are baby boomer parents so willing to help their children out with a home down payment? About 75 percent of boomers said they believe owning a home is a good investment for their children, and 58 percent said they think it’s still part of the American dream. 

Source: “Survey: Most Boomers Would Cover Kids’ Down Payment,” AOL Real Estate (Nov. 30, 2011)

Other information about the Sierra Foothills, El Dorado, Placer, Amador or Sacramento Counties of California at: www.sierraproperties.com or www.dougandbudzeller.com

Confidence in value of homeownership persists!

Despite the decline in home prices, 81 percent of U.S. adults believe buying a home is the best long-term investment a person can make, according to a national survey by the Pew Research Center.

MAKING SENSE OF THE STORY;

Homeownership topped the list of long-term financial goals for Americans, according to the study. Respondents rated homeownership, as well as living comfortably in retirement, as more important than sending children to college or leaving offspring an inheritance.

“Owning a home is really a part of the American dream, and that is just part of the American psyche and something that people aspire to,” according to one of the study’s authors.

Read the full story http://www.latimes.com/business/la-fi-pew-homeownership-20110412,0,2943484.story

Other articles relating to the Sacramento and Placerville, California regions at: www.sierraproperties.com

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