Provident Bank’s First-Time Home Buyer Survey Reveals That While Homeownership Continues to Be Challenging, Many Americans Are Finding Their Home in Less Than a Year
Provident Bank's First-Time Home Buyer Survey reveals insights into generational differences in navigating the housing market. Despite challenges like high mortgage rates and affordable options, many Americans are finding homes in less than a year. Key findings include:
1. Over 40% of Gen Xers have been involved in 5+ bidding wars.
2. Over 50% of Gen X respondents have significantly adjusted their search criteria to stay within budget.
3. Nearly 50% of Millennials and Gen X have settled for older homes needing renovations.
4. Savings accounts remain the main source of down payment capital.
5. Gen X is more likely to consider fintech companies for financing (15%) compared to Gen Z (6%).
6. Traditional banks are still a popular financing source across generations.
The survey, conducted by Survey Monkey for Provident Bank, is based on 1,000 responses and highlights the importance of understanding financing resources in a competitive market.
Il Primo Rapporto per Acquirenti di Casa di Provident Bank rivela intuizioni sulle differenze generazionali nell'affrontare il mercato immobiliare. Nonostante le sfide come i tassi ipotecari elevati e le opzioni accessibili, molti americani riescono a trovare case in meno di un anno. I principali risultati includono:
1. Oltre il 40% della Generazione X ha partecipato a più di 5 gare d'appalto.
2. Oltre il 50% dei rispondenti della Generazione X ha significativamente modificato i propri criteri di ricerca per rimanere nel budget.
3. Quasi il 50% dei Millennials e della Generazione X ha optato per case più vecchie che necessitano di ristrutturazioni.
4. I conti di risparmio rimangono la principale fonte di capitale per il pagamento iniziale.
5. La Generazione X è più propensa a considerare le aziende fintech per il finanziamento (15%) rispetto alla Generazione Z (6%).
6. Le banche tradizionali sono ancora una fonte di finanziamento popolare tra le diverse generazioni.
Il sondaggio, condotto da Survey Monkey per Provident Bank, si basa su 1.000 risposte e mette in evidenza l'importanza di comprendere le risorse finanziarie in un mercato competitivo.
La Encuesta para Compradores de Casa por Primera Vez de Provident Bank revela ideas sobre las diferencias generacionales al navegar en el mercado de la vivienda. A pesar de los desafíos como tasas hipotecarias altas y opciones asequibles, muchos estadounidenses están encontrando casas en menos de un año. Los hallazgos clave incluyen:
1. Más del 40% de la Generación X ha estado involucrada en más de 5 guerras de ofertas.
2. Más del 50% de los encuestados de la Generación X han ajustado significativamente sus criterios de búsqueda para mantenerse dentro del presupuesto.
3. Casi el 50% de los Millennials y la Generación X se han conformado con casas más antiguas que necesitan renovaciones.
4. Las cuentas de ahorros siguen siendo la principal fuente de capital para el pago inicial.
5. La Generación X es más propensa a considerar empresas fintech para el financiamiento (15%) en comparación con la Generación Z (6%).
6. Los bancos tradicionales siguen siendo una fuente de financiamiento popular entre las generaciones.
La encuesta, realizada por Survey Monkey para Provident Bank, se basa en 1,000 respuestas y resalta la importancia de entender los recursos de financiamiento en un mercado competitivo.
프로비던트 뱅크의 첫 번째 주택 구매자 설문조사는 주택 시장을 탐색하는 세대 간의 차이에 대한 통찰력을 제공합니다. 높은 모기지 금리와 저렴한 옵션과 같은 어려움에도 불구하고 많은 미국인들이 1년 이내에 집을 찾고 있습니다. 주요 발견 사항은 다음과 같습니다:
1. X세대의 40% 이상이 5회 이상의 입찰 전쟁에 참여했습니다.
2. X세대 응답자의 50% 이상이 예산에 맞추기 위해 검색 기준을 크게 조정했습니다.
3. 밀레니얼 세대와 X세대의 거의 50%가 리모델링이 필요한 오래된 집에 정착했습니다.
4. 저축 계좌는 여전히 계약금 자본의 주요 출처입니다.
5. X세대는 Z세대(6%)에 비해 자금을 위한 핀테크 회사(15%)를 고려할 가능성이 더 높습니다.
6. 전통적인 은행은 여전히 세대를 아우르는 인기 있는 자금 지원 출처입니다.
이번 설문조사는 프로비던트 뱅크를 위해 서베이 몽키가 실시했으며, 1,000개 응답을 바탕으로 하고 있으며 경쟁 시장에서의 자금 조달 리소스를 이해하는 것의 중요성을 강조합니다.
Le Sondage des Premiers Acheteurs de Maison de Provident Bank révèle des aperçu sur les différences générationnelles dans le parcours du marché immobilier. Malgré des défis tels que des taux hypothécaires élevés et des options abordables, de nombreux Américains réussissent à trouver des maisons en moins d'un an. Les principales conclusions incluent:
1. Plus de 40 % de la Génération X ont été impliqués dans plus de 5 enchères.
2. Plus de 50 % des répondants de la Génération X ont considérablement ajusté leurs critères de recherche pour respecter leur budget.
3. Près de 50 % des Millennials et de la Génération X se sont contentés de maisons plus anciennes nécessitant des rénovations.
4. Les comptes d'épargne restent la principale source de capital pour l'acompte.
5. La Génération X est plus susceptible de considérer les entreprises fintech pour le financement (15 %) par rapport à la Génération Z (6 %).
6. Les banques traditionnelles sont toujours une source de financement populaire parmi les générations.
Le sondage, réalisé par Survey Monkey pour Provident Bank, est basé sur 1 000 réponses et souligne l'importance de comprendre les ressources de financement sur un marché compétitif.
Die Umfrage für Erstkäufer von Wohnimmobilien der Provident Bank bietet Einblicke in die generationenbedingten Unterschiede bei der Navigation im Immobilienmarkt. Trotz Herausforderungen wie hohen Hypothekenzinsen und erschwinglichen Optionen finden viele Amerikaner in weniger als einem Jahr ein Zuhause. Die wichtigsten Ergebnisse sind:
1. Über 40% der Generation X haben an mehr als 5 Bieterkämpfen teilgenommen.
2. Über 50% der befragten Gen-X-Teilnehmer haben ihre Suchkriterien erheblich angepasst, um im Budget zu bleiben.
3. Fast 50% der Millennials und der Generation X haben sich für ältere Häuser entschieden, die renoviert werden müssen.
4. Sparkonten bleiben die Hauptquelle für Eigenkapital.
5. Generation X ist eher geneigt, Fintech-Unternehmen für die Finanzierung in Betracht zu ziehen (15%) im Vergleich zu Generation Z (6%).
6. Traditionelle Banken sind nach wie vor eine beliebte Finanzierungsquelle über die Generationen hinweg.
Die Umfrage, die von Survey Monkey für die Provident Bank durchgeführt wurde, basiert auf 1.000 Antworten und hebt die Bedeutung des Verständnisses von Finanzierungsressourcen in einem wettbewerbsintensiven Markt hervor.
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ISELIN, N.J., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has released the results of its First-Time Home Buyer Survey, taking stock of the generational differences in how Americans are navigating a complicated housing market. This year’s survey revealed that, not surprisingly, searching for a first home is extremely challenging. The top two factors impacting budgets are high mortgage rates and the lack of homes within an original budget. However, across generations, Americans appear to be buying their first home after only looking less than a year, signaling growing optimism in the market.
Potential homeowners are prolonging the buying process and waiting to make a final purchase:
Searching for a new home is challenging for first-time home buyers across generations. There are frequent bidding wars, which can lead to many making sacrifices for their dream home.
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40% of Gen Xers have been involved in a significant number (5+) of bidding wars during the home-buying process. Comparatively, only30% of Millennial respondents have had the same experience. - Over
50% of Gen X respondents have had to significantly adjust their search criteria to stay within budget. Nearly50% of both Millennials and Gen X respondents noted that they’ve settled for an older home that needs renovations to complete the buying process, compared to only39% of Gen Z respondents.
Amidst all of these challenges, Americans still look toward traditional financial avenues to complete the home-buying process:
Overall, potential homeowners are still looking to traditional financial institutions to help them through the home-buying process. However, there are clear differences between how generations think about their financing options and the experts available to them.
- Over half of respondents noted that their savings account is their main source of capital for their down payment. The second highest source of capital stems from access to first-time home buyer program grant(s).
15% of Gen X respondents will look to a fintech company for financing for buying a first home compared to only6% of Gen Z respondents. Nearly56% of Gen X respondents will be speaking to a traditional bank as a source for the financing process in buying their first home.- Just under
50% of all Millennial respondents noted they would look to a traditional bank for financing to buy their first home.
“The findings from this year’s survey support what we’ve been hearing directly from customers - in order to navigate a highly competitive home buying market, understanding all of the financing resources and capital requirements at your disposal is the key to success,” said Margaret Volk, Senior Vice President, and Director of Mortgage and Consumer Lending, at Provident Bank. “Especially as we enter a new phase of the mortgage rate cycle, we believe it is our responsibility to ensure our customers are equipped with the resources and information needed to navigate the financing process to achieve such an important life goal like buying a home.”
The survey was conducted by Survey Monkey, a market research provider, on behalf of Provident Bank. The findings are based on 1,000 responses.
About Provident Bank
Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of
Media Contact:
Provident Bank
Keith Buscio – keith.buscio@provident.bank
Vested
providentbank@fullyvested.com
FAQ
What are the main challenges for first-time home buyers according to Provident Bank's survey?
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What percentage of Gen X respondents have been involved in multiple bidding wars?
