Extra: Is home ownership an attainable dream?
By Steve Tarter, Journal Star, Peoria, Ill. | |
McClatchy-Tribune Information Services |
But is it still viable in the 21st century?
Rising prices, especially in major metropolitan areas, more stringent credit policies along with a mobile work force all make home ownership more difficult -- especially for younger Americans just entering the labor force.
"For most people, home ownership is still the dream," said
<p>"Younger workers are a lot more mobile today. They may only be in a job for two or three years before moving," said Harvey.
"They're more interested in high-end rentals. They want the hardwood floors and granite counter tops and don't mind paying for it," he said of the new breed of apartment dwellers.
"But that will cycle. They will want to own later. Young people are just not going in at the entry level as future generations did before," said Harvey.
A 2013 survey by
That's part of a trend where home ownership in
But 32 percent of those young people surveyed by PNC say they are saving for a home or thinking about it.
While home ownership means added financial responsibilities, there are numerous advantages, said PNC loan officer
"That's in addition to creating a place that reflects personal lifestyle without being under a landlord's watchful eye and guidelines," said Axelrod.
"A home offers stability, especially to children growing up, and a place to live the life you want and create the memories of a lifetime," he said.
As for those that are living the dream -- that presently own a home -- this could be the year when consumers find the market in full recovery from the economic downturn.
Single-family homes sold at an average price of
- The turnaround follows almost seven years of housing problems, especially in the nation's largest metro areas.
In central
"I think there's a big misconception about home ownership. This is a great time to buy," said Hull, pointing to the availability of a 30-year loan at 4.37 percent interest.
"The key is to determine what you can afford and understand that credit scores are important," she said.
"We sit down with prospective buyers to take a look at the whole picture. It's not just the mortgage you have to consider but home owner's insurance and property taxes. A lot of first-time buyers forget about that," said Hull.
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