NEW YORK - Despite an overall downward purchasing trend in the na- tional housing market, nearly one-third of all affluent professionals own more than one home, according to a survey released today by Chase Manhattan Personal Financial Services.
The national survey of 750 doctors, lawyers, and business executivesearning more that $60,000 a year was conducted by NFO Research.
A 1994 survey by the jumbo mortgage unit of Chase Manhattan Mortgage Corp. found that only 7% of the overall national population owns more than one home.
"While the housing market has slowed in general, many of our customers such as doctors, lawyers, and business executives recognize that real estate is still one of the best long-term investments," said Thomas Garvey, president of the unit.
In addition, while the national average value for existing homes is $114,000, 28% of responding professionals own homes valued at $300,000 or more.
Although 67% of the professionals polled chose a fixed-rate mortgage for their home, about a quarter opted for an ARM.