The Survey Says...

There is good news in the housing industry.  A majority of US households have a positive attitude toward housing. Based on two recent surveys by the Federal Reserve Bank of NY and Charles Schwab:

·         49% of Americans feel wealthy when they own a home.

o   62% also defined wealth as spending time with family – we like that.

o   55% indicated that wealth means having time to themselves.

·         65% of all respondents think that buying property in their zip code is a “very good” or “somewhat good” investment, compared to 60% in 2016. Only 10.6% said housing was a “bad investment”.

·         For agents wanting to target the ideal homebuyer, the favorable view on housing was particularly pronounced among younger, more educated (bachelor’s degree or more), and higher-income (annual income of $60,000 or more) households.

·         Renters who want to buy a home continue to perceive obtaining a mortgage as difficult. Renters continue to report a strong preference for owning homes, although it weakened relative to the previous two years, the survey found.

·         How much is enough? Respondents said that they believe:

o   $1.4 million is enough to be considered financially comfortable.

o   $2.4 million is enough money to be considered “wealthy”.