Survey asked 1,000 people about the value of homeownership
What would you give up to own your own home?
That was the question posed to 1,000 potential US home buyers by Unison Home Ownership Investors, amid a survey to ascertain the value of owning a home and the barriers to achieving that dream.
While democracy may be something we hold in high regard, 22% of respondents said they would forego their right to vote in return for a non-returnable 10% down payment. Millennials were more likely to make this choice (26%).
Giving up their dream car (44%) and giving up 5 years of vacations (38%) were more popular choices among respondents.
Almost 6 in 10 potential homeowners are so keen to become homeowners that it would affect their love life. They said they would be more likely to date or marry a homeowner.
The biggest challenges to saving a down payment
Most respondents think that $7,000 will be enough for them to buy a home in the next 1-2 years with just 30% of women and 51% of men having more than that saved.
Millennials (27%) and Gen Xers (37%) are less likely than Boomers (54%) to have $7,000 saved; while for $15,000 just 9% of Millennials and 13% of Gen Xers have that in the bank, while 36% of Boomers do.
Most (84%) believe they can save the required down payment within 4 years but 68% of respondents said they could use some first-time home buyer education from a professional.
Job security isn’t a big fear with 75% confident, however 73% are expecting home prices to rise over the next year and 65% think mortgage rates will.
