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KeyBank's Financial Mobility Survey highlights the challenges faced by new homebuyers in a tough housing market. While mortgage rates have slightly cooled off, high home prices make ownership feel unattainable for many. The survey reveals that younger Americans are making financial changes like saving more and reducing spending to achieve homeownership. Despite the financial hurdles, new homeowners display confidence in their ability to manage expenses and grow their finances. Maintaining a balance between saving and spending is emphasized to navigate the complexities of homeownership.
L'indagine sulla Mobilità Finanziaria di KeyBank evidenzia le sfide affrontate dai nuovi acquirenti di case in un mercato immobiliare difficile. Sebbene i tassi dei mutui si siano leggermente abbassati, i prezzi elevati delle abitazioni rendono il possesso una meta irraggiungibile per molti. L'indagine rivela che i giovani americani stanno adottando cambiamenti finanziari come aumentare i risparmi e ridurre le spese per raggiungere l'obiettivo della proprietà di una casa. Nonostante gli ostacoli finanziari, i nuovi proprietari mostrano fiducia nella loro capacità di gestire le spese e incrementare le loro finanze. È sottolineata l'importanza di mantenere un equilibrio tra risparmio e spesa per navigare le complessità della proprietà immobiliare.
La Encuesta de Movilidad Financiera de KeyBank destaca los desafíos que enfrentan los nuevos compradores de viviendas en un mercado de vivienda difícil. Aunque las tasas hipotecarias se han enfriado ligeramente, los altos precios de las viviendas hacen que la propiedad parezca inalcanzable para muchos. La encuesta revela que los jóvenes estadounidenses están haciendo cambios financieros como ahorrar más y reducir gastos para lograr ser propietarios de una casa. A pesar de los obstáculos financieros, los nuevos propietarios muestran confianza en su capacidad para manejar gastos y aumentar sus finanzas. Mantener un equilibrio entre el ahorro y el gasto es enfatizado para navegar las complejidades de ser propietario de una vivienda.
키뱅크의 금융 이동성 조사는 어려운 주택 시장에서 새 집 구매자들이 직면하는 도전들을 강조합니다. 모기지 이자율은 약간 냉각되었지만, 높은 주택 가격으로 많은 이들에게 주택 소유가 어려운 목표로 느껴집니다. 조사에 따르면 젊은 미국인들은 저축을 늘리고 지출을 줄이는 등의 재정적 변화를 통해 주택 소유를 달성하기 위해 노력하고 있습니다. 재정적 장애물에도 불구하고, 새 주택 소유자들은 비용 관리 및 재정 성장 능력에 자신감을 보여줍니다. 주택 소유의 복잡함을 탐색하기 위해서는 저축과 지출 간의 균형 유지가 강조됩니다.
L'enquête sur la Mobilité Financière de KeyBank met en lumière les défis rencontrés par les nouveaux acheteurs de maisons dans un marché immobilier difficile. Bien que les taux hypothécaires aient légèrement refroidi, les prix élevés des logements rendent l'accession à la propriété inatteignable pour beaucoup. L'enquête révèle que les jeunes Américains apportent des changements financiers tels que l'épargne accrue et la réduction des dépenses pour atteindre la propriété. Malgré les obstacles financiers, les nouveaux propriétaires affichent une confiance dans leur capacité à gérer les dépenses et à accroître leurs finances. Maintenir un équilibre entre l'épargne et les dépenses est souligné pour naviguer dans les complexités de la propriété.
Die Finanzmobilitäts-Umfrage von KeyBank hebt die Herausforderungen hervor, mit denen sich Neueigentümer auf einem schwierigen Immobilienmarkt konfrontiert sehen. Obwohl die Hypothekenzinsen sich leicht abgekühlt haben, machen die hohen Hauspreise den Besitz für viele unerreichbar. Die Umfrage zeigt, dass jüngere Amerikaner finanzielle Veränderungen wie mehr Sparen und weniger Ausgeben vornehmen, um Wohneigentum zu erreichen. Trotz finanzieller Hürden zeigen sich neue Hausbesitzer zuversichtlich in ihrer Fähigkeit, Ausgaben zu verwalten und ihre Finanzen zu mehren. Ein Gleichgewicht zwischen Sparen und Ausgeben wird betont, um die Komplexitäten des Hausbesitzes zu bewältigen.
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KeyBank's Financial Mobility Survey sheds light on spending and saving habits to help achieve homeownership this Fair Housing Month
NORTHAMPTON, MA / ACCESSWIRE / April 22, 2024 / Owning a home marks a significant milestone in one's life, yet it also introduces a myriad of financial responsibilities that demand careful foresight and planning. With homeownership, there are new and unforeseen expenses that need to be proactively planned for. As outside and unexpected factors come into play, the importance of having a well-thought-out financial plan becomes paramount.
A recent survey from KeyBank found the newest generation of homebuyers is living through a tough housing market, making home ownership feel unattainable to many. According to new research from KeyBank's 2024 Financial Mobility Survey1, 29% of Americans do not own a home and do not plan on purchasing one in the next 12 months. Of those Americans, only 1 in 10 indicate that home ownership is very attainable.
While mortgage rates have begun to cool off slightly, the lack of available supply means home prices have remained high. Because of this, some younger Americans are choosing to make financial changes in order to achieve the dream putting money aside, creating budgets, and reducing spending to buy a home and to feel more confident in their financial approach.
As younger generations approach life milestones, societal pressures may be influencing them to prioritize homeownership. The average age of Americans in the market for a home is 36, and to help with the dream of owning a home, they are spending less and saving more (45%). Among recent and prospective homebuyers, the top step taken to save money for a home is to put away money in a dedicated savings account (43%). Of those who are in the market for a home, 48% reduced unnecessary spending.
Following the closure of a new home, homeowners may be faced with big ticket items to fix around their home immediately. In fact, 51% of new homeowners expect to use more of their savings next year as compared to those in the market for a home (45%) or who don't own a house (35%). However, new homeowners are bringing financial confidence to the closing table. Almost three-fourths (71%) of new homeowners within the last 12 months believe they could come up with $2,000 within a month if needed and are very/somewhat confident in the ability to grow their finances (86%).
Whether you're settling into your new home or saving for your dream house, maintaining a healthy balance between saving and spending is crucial. The homebuying process can seem intimidating, especially in a challenging economic environment, so it is important to consult with your financial professional or mortgage loan officer to determine the pathways to homeownership that make the most sense for your goals and your budget. By staying proactive and mindful of your financial habits, you can navigate homeownership with confidence and secure your financial future.
NMLS# 399797. KeyBank Member FDIC. NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
CFMA #240416-2554178
1The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. 1,000 Americans, ages 18-70, with sole or shared responsibility for household financial decisions, who own a checking or savings account, completed the survey in September 2023. The survey asked respondents about their financial attitudes, understanding, awareness and actions over the prior year.
What does KeyBank's Financial Mobility Survey reveal about homebuyers?
The survey shows that 29% of Americans do not own a home and do not plan on purchasing one in the next 12 months. Only 1 in 10 Americans find home ownership very attainable.
How are younger Americans adjusting their finances to achieve homeownership?
Younger Americans are saving more, creating budgets, and reducing spending to save for a home. 48% reduce unnecessary spending, and 43% put money in a dedicated savings account.
What financial challenges do new homeowners face?
New homeowners may need to use more savings for big ticket items after closing on a home. 51% expect to use more savings in the coming year compared to those in the market for a home.
How confident are new homeowners about their finances?
71% of new homeowners believe they could come up with $2,000 within a month if needed. 86% are very/somewhat confident in their ability to grow their finances.
What is important in navigating homeownership successfully?
Maintaining a balance between saving and spending is crucial. Consulting with financial professionals or mortgage loan officers can help determine the best pathways to homeownership based on individual goals and budgets.
