A typical worker nowadays lives from pay-check to pay-check–eat here, grab some drinks there, shop for a new pair of shoes, etc.–with all the money earned slipping through their fingers. Of course, it is hard to allot a portion of one’s monthly salary in something that will not give them an instant satisfaction.
Perhaps, the most common investment people save up for is the dream house. However, deciding to become a homeowner is a big step and it takes more than just willingness. Two other things are needed as well: emotional readiness and financial capability.
Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.
One of the many questions asked in the housing section of the survey was:
Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?
Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.
Numbers prove that majority of our young Americans still desire to own a residence.