North Texans view homeownership in a different light in today’s economy, according to a local credit union survey.
Once the staple of the American dream, North Texans who participated in the Texas Trust Credit Union survey say they no longer view buying a home as a source of pride or a chance to obtain a lifelong dream.
Instead, 34% see it as a better investment than renting, 28% view it as an investment in the family’s financial future. Another 7% see it as a chance to build equity and 7% are motivated by the home interest tax deduction.
Only 22% cited emotional ties or “personal pride in homeownership” as reasons for buying, the Texas Trust Credit Union survey concluded.
Only one in eight North Texas homeowners are interested in selling or buying a home right now, but those renting apartments or houses showed a great deal of interest in eventually acquiring a property.
Texas Trust gathered the data using an online survey of homeowners and renters in mid-August.
The outcome is a view that still favors homeownership, but in a more practical light. In other words, no one is buying just to say they acquired a house anymore.
Financial motivations are key drivers when someone signs onto a mortgage today. About 50% of current homeowners who are interested in buying another home cited low interest rates as a catalyst for home buying in the survey.
Another 18% like the idea of getting a bigger house for less money and 16% said buying at this time is a sound investment.
“What motivated most people to buy houses in the past isn’t necessarily the same as what motivates them today,” said Richard Whitman, vice president of mortgage lending at Texas Trust Credit Union.
“According to our survey, Dallas-Fort Worth area residents no longer see home ownership as the American dream. Instead, they’re coming to see it more as a financial investment designed to grow their net worth.”
