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Data & Research September 20, 2011
Thirty-Somethings Believe Homeownership Will Not Help in Long Run
Nearly half of homeowners in their 30s have lost hope that their homes
will recover enough value in time to play an important role in paying for their
retirement, according to a recent survey.
Reported by PLANADVISER staff
The survey, conducted by Country Financial, found 68% of homeowners of all ages are still relying on their home’s value as an important part of their retirement plan, reports UPI.
According to UPI, homeowners over 50, many of whom bought their homes before the housing boom, as well as those under 30, remain the most confident that their homes’ values will play an important role in their retirement. Among those older than 50 who are approaching retirement, 71.7% see their homes’ value helping to pay for retirement. Some 83% of young homeowners between 18 and 29 have hopes the housing market will recover in time to help them in retirement, more than any other age group.
The survey also found two out of three homeowners (68%) say that if they lost their job, they wouldn’t be able to make mortgage payments after nine months; the Bureau of Labor Statistics has that figure at10 months.
The survey is based on a national telephone survey of 2,264 homeowners.