Sense of job security helping to drive home buying
Americans seem to be feeling confident financially and that is driving home-buying decisions.
Forty percent of adults said that personal finances or job stability was the top factor when considering buying a new home, according to Pentagon Federal Credit Union’s mortgage survey released this week. Over a third of respondents reported low interest rates as the second contributor.
“At PenFed, we prioritize understanding consumer concerns so we can tailor products to meet those concerns and help consumers accomplish their goals,” Lisa Cookson, PenFed's senior vice president of operations mortgage and home equity, said in a release. “Our annual mortgage survey helps us identify the most relevant trends, questions and motivations that influence potential home buyers.”
Other findings note that 61% of those looking to purchase a home within the next year are new home buyers. Fifty-nine percent of those surveyed note that Private Mortgage Insurance coverage would impact their decision when selecting a lender.
Roughly three-quarters of respondents said they prefer to use a bank or credit union for their mortgage.
The survey also looked at reasons why consumers wouldn't consider buying a home in the next year. Thirty percent cited not being able to afford a down payment while 42% said they were satisfied with their current living situation.
The survey took place from July 19 to July 24 of this year and included responses from 2,2200 adults. Interviews were conducted online and the survey had a margin of error of 2 percentage points.