The American Dream is alive and well across the country, and with it, a growing number of consumers hope to one day make the transition to homeownership.
According to a recent survey, conducted by TD Bank, an estimated 84 percent of Americans, between the ages of 18 and 34, say they aspire to one day own property. While this younger demographic shared the most positive sentiment toward buying, roughly 59 percent of all respondants said they would also like to own a home one day.
"There's no denying buying a home is a pivotal point in a person's life," said TD Bank executive vice president Michael Copley. "Our survey tells us that people are looking to buy homes, and attitudes towards homeownership have continued to remain positive over the years."
Why make the transition?
Meanwhile, respondents also revealed some of of the reasons they want to own property. For example, 17 percent said they believe the investment is a good financial opportunity, while 11 percent they will need to soon make the transition to homeownership to compensate for their growing and evolving families. In addition, 10 percent said owning property would be a financial milestone in their life that they would like to meet as soon as possible.
"With more than half of homeowners surveyed stating getting a mortgage and making a down payment is the preferred method of payment, choosing a lender remains a vital step in the home buying process," Copley added.
Mortgage rates at all-time lows
Since mortgage rates reached record lows during the week ending May 17, the prospect of obtaining a mortgage has never been more affordable. According to a recent report from Freddie Mac, the rate for a 30-year fixed-rate mortgage during the week averaged 3.79 percent, down from 3.83 percent a week earlier. Meanwhile, mortgage records indicate that the rate for a 15-year FRM averaged 3.04 percent. Experts from the government-sponsored enterprise said that global economic instability as well as improving domestic consumer confidence, continue to be a primary factors driving down rates.
"The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week," said Freddie Mac vice president and chief economist Frank Nothaft. "For instance, industrial production rose 1.1 percent in April - the largest gain since December 2010 - and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan."