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Americans Still Dream of Homeownership

By
Mortgage and Lending with Katz Mortgage Team, a branch of VanDyk Mortgage Corporation

Recently Merrill Lynch provided a study which shows that indeed, the younger generations still believe owning a home constitutes a significant portion of the “American Dream”.

 

 

The research in this study reflects that all living generations see home ownership as significant. That being said here are some numbers:

 

 

Really all this shouldn’t seem to shocking to any of us though… The benefits families enjoy from homeownership are shown in other studies as well. In particular, the Joint Center of Housing Studies at Harvard University released a study showing “forced savings” through stating:

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

 

Home equity, which is obviously a type of savings, is depicted in the chart below through the study by Merrill Lynch:

 

At the End of the Day:

Making the decision to own a home is a wise choice as depicted by the great financial benefits. A Merrill Lynch participant in the study said: “When I was younger, I always worried about that monthly mortgage payment. Now that I am retired, I have the peace of mind of knowing I own my home free and clear.”

 

-Thanks KCM-

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