Most Americans still view homeownership as a path to building wealth

Most Americans still view homeownership as a path to building wealth

Most Americans still view homeownership as a path to building wealth
The quintessential American dream still includes owning a little piece of earth. According to the findings of a survey conducted by Chase Home Lending of first-time homebuyers, 69 percent of respondents still see homeownership as an important part of building wealth.

Still, the majority of first-time homebuyers indicated that the pandemic has altered their plans to purchase a home in 2020, with 70 percent stating they waited to see how the housing market would play out last year. If they had hope that the end of 2020 would bring a relief in home prices, these same potential buyers were met with more sticker-shock in 2021 as home prices continue to surge to record highs.

Concerns that mortgage rates may climb this fall, however, is also weighing on home buyers who realize waiting out the hot housing market may not pay off later on.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article