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.
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