92% of Americans Still Believe Buying a Home is a Good Investment
August 18 2009 - 7:00AM
PR Newswire (US)
New Bankrate poll shows that though the economy remains unstable,
American financial perceptions have remained static NEW YORK,
August 18 /PRNewswire-FirstCall/ -- A new study released by
Bankrate, Inc. (NASDAQ:RATE) shows that although estimates indicate
that a quarter of Americans owe more on their mortgage than their
homes are worth, the long-held dream of home ownership continues to
be top of mind. The poll, conducted by Princeton Survey Research
Associates International, is included in the new Bankrate Financial
Literacy series on Families and Finance, which can be seen here:
http://www.bankrate.com/finance/financial-literacy/families-and-finance.aspx.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO) Among
the findings about family concerns: -- 70 percent of Americans
aren't sure how they'll save enough for retirement while another 50
percent fret about their ability to afford college for a family
member; -- More than two-thirds of respondents (67 percent) would
postpone having children to establish their careers and finances
while 30 percent would consider not having children at all due to
the increased financial burden; -- 60 percent of those polled say
they would change or delay marriage plans if they found out their
future spouse had substantial debt or bad credit. 69 percent of
women find this to be a deal breaker versus 51 percent of the men.
Among the findings about finances: -- Although almost half (48
percent) of Americans worry about losing or being unable to afford
their home, more than nine out of ten (92 percent) of the
respondents believed that a home is a good investment for the
future; -- Despite rises in the national savings rate, many
Americans haven't changed their savings habits. Only 17 percent
said they increased savings, as opposed to 44 percent saving the
same amount and 36 percent saving less than before; -- Among
employed Americans, only 35 percent have adequate savings to
weather a job loss lasting more than six months; -- 61 percent of
respondents with a college degree believe that stocks and mutual
funds offer the best chance for long-term financial returns
compared to 49 percent of Americans overall. "These results provide
an interesting illustration of the public's mindset in a difficult
economy," said Julie Bandy, editor in chief at Bankrate.com. "While
nine out of 10 still believe in the American dream of
homeownership, nearly half worry about losing their homes. And even
though American families are worried about reaching other financial
goals -- most notably retirement -- most appear to be unable to
save more money." This national random-digit-dialed phone study of
1,001 adults 18 or older, including 509 who are currently employed,
was conducted for Bankrate by Princeton Survey Research Associates
International. The sample was weighted by demographic factors
including age, gender, race, education and census region to ensure
reliable and accurate representation of adults in U.S. households.
The overall margin of error for the survey is +/- 4 percentage
points based on the total sample and +/- 5 percentage points for
employed adults. About Bankrate, Inc. The Bankrate network of
companies includes Bankrate.com, Interest.com, Mortgage-calc.com,
Nationwide Card Services, Savingforcollege.com, Fee Disclosure,
InsureMe CreditCardGuide.com and Bankaholic. Each of these
businesses helps consumers to make informed decisions about their
personal finance matters. The company's flagship brand,
Bankrate.com is a destination site of personal finance channels,
including banking, investing, taxes, debt management and college
finance. Bankrate.com is the leading aggregator of rates and other
information on more than 300 financial products, including
mortgages, credit cards, new and used auto loans, money market
accounts and CDs, checking and ATM fees, home equity loans and
online banking fees. Bankrate.com reviews more than 4,800 financial
institutions in 575 markets in 50 states. In 2008, Bankrate.com had
nearly 72 million unique visitors. Bankrate.com provides financial
applications and information to a network of more than 75 partners,
including Yahoo! (NASDAQ:YHOO), America Online (NYSE: TWX), The
Wall Street Journal and The New York Times (NYSE:NYT).
Bankrate.com's information is also distributed through more than
500 newspapers. For more information contact: Chris Spagnuolo
Public Relations Manager (917) 368-8671
http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
http://photoarchive.ap.org/ DATASOURCE: Bankrate, Inc. CONTACT:
Chris Spagnuolo, Public Relations Manager of Bankrate, Inc.,
+1-917-368-8671, Web Site: http://www.bankrate.com/
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