The Bank of America Home Buyer Insights Report recently surveyed nearly 5,000 homeowners and home buyers in 10 major metropolitan areas around the country, including Chicago. Overall, 80% of survey respondents nationwide said that home ownership was beneficial to their long-term financial well-being. Chicago respondents placed an even higher opinion on the value of home ownership, with 86% saying that their financial well-being was tied to owning a home.
What’s most striking about the Chicago survey, is that our views on home ownership are among the most positive in the country. For example, 97% of surveyed Chicago homeowners say they are proud of owning their home. 92% say they treasure the memories they have made in their home. 79% say their home is an extension of their personality.
Simply put, Chicago has the strongest pride of home ownership among the 10 major metros in the survey, which included New York, Houston, Boston, Charlotte, Dallas, Denver, Houston, Phoenix, and Miami!
Not surprisingly, Chicago homeowners enjoy puttering around the house, with 66% of survey respondents saying they spend a lot of free time working on their home. 81% say they’re always looking for ways to make their home more valuable.
Chicago home buyers who are in the process of a home search say that they are highly motivated by having a place to call their own. Digging deeper, they said they are motivated to have their own place because they are tired of living with roommates or family! The urge for more living space and privacy put Chicago home buyers at the top of the rankings when it came to home buying motivation.
Yet Chicago home buyers are also among the nation’s most practical. 43% of surveyed Chicago home buyers sought a mortgage pre-approval before beginning their home search, which is higher than the national average of other respondents, at 39%.
Not only are Chicago home buyers among the nation’s most motivated, they’re among the best-prepared! We couldn’t be happier to hear this, because home buyer education is what we’re all about!
StartingPoint Realty – helping first-time Chicago home buyers!
StartingPoint Realty specializes in serving first-time home buyers throughout Chicago and the Northwest suburbs. We provide education and guidance during the entire home buying process!
Our free home buying seminar gives you valuable information without any sales pitches or pressure! Register today and bring a friend! You can also visit our Chicago Resource Center for in-person information and assistance.
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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