Sixty-two percent of Americans say that purchasing a home is a good investment over the next 10 years, according to the Mortgage Index Study conducted on behalf of Bank of America.
Affordability ranks high among the 1,104 consumers surveyed nationwide. For those considering a home purchase within the next year, 62 percent reported contacting a lender or using online tools to determine affordable monthly mortgage payments, according to the survey. Seventy-four percent also said they plan to use their personal savings for a down payment on a home.
According to the survey, consumers most popular piece of advice for others looking to buy a home soon: Don’t “buy more house than you can afford.”
Source: “Bank of America Survey: Consumers Cautious About Home Affordability,” Inman News (Dec. 8, 2011)
- ^ Bank of America Survey: Consumers Cautious About Home Affordability (www.inman.com)
- ^ Low Mortgage Rates Keep Housing Affordability High (feedproxy.google.com)