NEW YORK, July 25, 2016 /PRNewswire/ -- The majority of Americans still value home ownership, but millennials face major challenges in realizing this dream, nearly a decade after the subprime crisis, an exclusive Reportlinker study says.
In June 2016, ReportLinker conducted an online survey of American respondents regarding their homeownership priorities.
For the general US population, the dream of owning a home disconnected from the reality of achieving it
- for 80% of Americans homeownership remains the best investment a person can make.
- owning a home is still the number one long-term financial priority for nearly 43% of Americans
- for the general population home ownership is ranked in third place behind getting married and achieving educational aims in terms of life achievements
This disconnect is felt hardest among Millennials….
- 44% of millennials agree that homeownership is the best long-term investment
- homeownership has slipped to fourth place in the list of life achievements compared to global population
…While they are coming to the rescue of America's love affair with Homeownership
- being able to own property still remains the top priority for 46% of millennials (compared to 43 % for the general population)
- the slowdown in homeownership over the past several years has corresponded with the coming of age of the millennials (born 1985-2004).
- the millennials have been slow to form households, a key indicator of future homeownership
Yet the future seems bright as actual housing prices are expected to be closer to their fair valuation. In fact, Bank of America forecasts that housing prices will begin to fall below fair valuation in 2018 through 2020.
This time presents a prime opportunity to invest.
By this time, Millennials will be between 22 and 38 of which many of them may be at the life-stage of mid-career with a family and preparing to invest in a home.
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- A disconnect between the dream and the reality of owning a home
- Homeownership: a top-ranked long-term financial goal
- The American dream of owning a home
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