Financial instability is top reason why non-homeowners in the US are not planning to buy a new home, regardless of their household income, finds survey; 81% of current homeowners have no current plans to buy a new home
May 29, 2014
– RateWatch Data Analyzes Trends in Home Buying and Loans
Today, RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) released the results from of a survey: Home Lending: Today's Customer. The data shows how consumers are thinking about home buying, whether they're looking to buy their first property or turnaround their current home, what their priorities are in finding a home and a lender and what interest rates they expect to pay.
The survey found that a lot of people are happy in their current homes and the majority of those that don't currently own are not looking to buy a home and their current finances are why:
"Interestingly, the survey found that a quarter of potential homebuyers just don't feel financially stable enough to commit to a house and it didn't matter how much money they made," reported Debra Borchardt, Markets Analyst for TheStreet. "It's understandable that someone making less than $25,000 a year doesn't feel like they can afford a home, but it's shocking that someone who makes over $150,000 a year feels equally poor. Higher home prices could be a good reason why with homes hitting record high prices and inventories hitting a low."
The survey also revealed differences between how men and women handle their loans, financing, and home buying process:
The survey found that interest rates were extremely important to consumers:
For more about this survey, please visit https://www.rate-watch.com/press-release/home-lending-survey-052014.
This survey aims to understand the behaviors and preferences of consumers regarding their current loans and future loan plans. Survey responses were obtained through a third party service with questions distributed March 28 to March 30, 2014 to consumers ages 18 and older throughout the United States. 608 total unique responses were received with 527 having completed the full survey.
For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 97,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.
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SOURCE TheStreet, Inc.