WRE News June 28, 2024
Buyer
The elevated cost of housing has created new considerations of homeownership by middle-income Americans.
According to a new survey published by Santander Holdings USA Inc., 81% of middle-income respondents said the high cost of housing is a major financial issue, with half of the respondents (51%) believing homeownership is not a requirement to be financially prosperous – in comparison, only 27% of respondents believed it was.
Among respondents who lived in rental housing, six in 10 believed having an affordable home – even if it was a rental – was more important to achieving financial prosperity than having equity in a home.
Nearly three-quarters of the middle-income respondents (72%) reported seeing prices rise in the second quarter of this year and four in five (78%) considered inflation to be a major concern. The vast majority of respondents (90%) said they made spending cuts in at least one area to cope with the current inflationary environment, with four in 10 reporting they took on a second job or side gig in the last 12 months to help make ends meet.
But despite these challenges, eight in 10 middle-income households (77%) said they were current on their bills and 72% believed they were on the right track toward financial prosperity.
“While current economic conditions remain challenging, American households are showing great resiliency by taking the necessary actions to navigate through inflationary pain points,” said Tim Wennes, CEO of Santander US, a subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN).
The survey was conducted by Morning Consult on behalf of Santander US and polled 2,202 adults in May. The survey defined the “middle-income” range of roughly $50,000 to $148,000.
Stay up to date on the latest real estate trends.
December 1, 2024
Mortgage rates remained flat ahead of the Thanksgiving holiday weekend, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
December 1, 2024
With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait?
December 1, 2024
Painting is one of those home improvement tasks that people either love or despise.
November 30, 2024
Though there was already plenty for Allison Hope Kahn to like about working at Mastercard, it was the afternoon she and her colleagues spent volunteering at a nature p… Read more
November 30, 2024
Located on the beautiful coastline of the Gulf of California, Loreto is a year-round playground for fishing, surfing and boating.
November 30, 2024
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today