The American Dream is alive and well. According to a new survey, a whopping 84% say owning a home is a priority, while nearly 40% plan to buy a house in the next five years.
These Americans are ready and waiting to buy a house
A new study from NerdWallet shows overwhelming support for homeownership. According to the data, over four in five Americans say homeownership is a priority — up from 75% just two years ago
What’s more? Nearly 40% (99.3 million) are planning to buy a house in the next five years and about 27 million of those plan to do so in 2020.
Gen Zers and Millennials have the biggest homebuying plans, with 57% of Gen Z and 53% of Millennials saying they’ll buy in the next five years. Just 23% of Baby Boomers say so.
Here’s how Holden Lewis, NerdWallet’s home and mortgage expert, explains it: “There is colossal pent-up demand for homeownership, both among young people who are ready to pair up and start families and those who see owning a home as the next step in adulthood.”
To buy a house or not buy a house?
Americans are feeling better about their homebuying prospects, too. According to the survey, 44% say they feel more confident about their ability to buy a house this year.
They do have concerns, though. Many are worried about qualifying for a mortgage, understanding what they can afford, negotiating, dealing with the home inspection, or just understanding their loan options and closing costs.
“These folks feel optimistic, but are aware that there’s a lot they don’t know,” Lewis says. “They’re looking for guidance so they can feel confident about finding a good home they can afford and qualifying for a mortgage. According to estimates, roughly 6 million new and existing homes will be sold in 2020, and well-informed buyers will have the edge.”
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Are you looking to buy a home in 2020, too? Then shop around and see what mortgage rates you qualify for today.