Owning a Home Is Still the American Dream
87% of Americans want their own home – even after crisis
Rising home values boost confidence
NEW YORK -- March 15, 2013
The American dream of homeownership is alive and well even after the battering
prices and budgets took during the housing crisis, according to a survey
released today by Chase. A total of 87% of respondents said owning their home
is something they have always wanted.
“Owning a home is at the heart of most Americans’ dreams,” said Kevin Watters,
Chief Executive Officer of Mortgage Banking at Chase. “And people are saving
as much as possible to achieve homeownership.”
While 66% believe housing is a good financial investment, 75% see it as an
important part of raising a family.
“Owning a home will not only give my husband and me pride and roots, but it
will also bring pride in my children and respect from my friends and family,”
said one respondent.
Potential home buyers are gaining confidence. Compared to six months ago,
nearly twice as many potential first-time buyers are optimistic about being
able to save for a down payment over the next six months. Overall, 56% of
consumers expect their finances to improve over the next six months while only
8% expect them to worsen.
“First-time home buyers are crucial to the housing market and the overall
economy – and to their communities,” Watters said. “As families buy their
first home, they are investing in their communities and enable other families
to move up. That will eventually spur more new construction, generating
Other findings include:
*Twice as many consumers who refinanced plan on spending more over the next
six months than those who did not refinance.
*68% of renters want to own a home, but cite saving money to purchase a
home as becoming increasingly difficult. While pulling together a down
payment has always been challenging, tighter requirements have raised the
*60% of home owners plan to invest in improving their property in the next
Chase is the second-largest originator of U.S. mortgages, making $192 billion
in new and refinanced mortgages in 2012. It services 7.6 million mortgages,
and has modified 610,000 mortgages to help homeowners since 2008. Chase is the
U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE:
JPM), a leading global financial services firm with assets of $2.4 trillion
and operations worldwide. Chase serves millions of consumers and small
businesses through more than 5,600 bank branches, 18,600 ATMs, credit cards,
mortgage offices, and online and mobile banking as well as through
relationships with auto dealerships. More information about Chase is available
Amy Bonitatibus, 614.422.6699
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