Unlocking Homeownership: KeyBank's Insights on Financial Mobility and Savings Strategies
Achieving homeownership stands as a significant milestone in life, symbolizing a stride towards enduring financial security. Nevertheless, prospective homebuyers today find themselves navigating a multifaceted terrain, influenced by factors such as inflation, market competitiveness, and the size of down payments. According to KeyBank’s 2024 Financial Mobility Survey, inflation emerges as a paramount concern for those either actively seeking a home or recently having made a purchase, with 40% citing it as the primary influencer of their buying decisions.
With this concern looming large, many individuals hesitate to venture into the housing market. A notable 29% of Americans currently do not own a home and express no intention of purchasing one within the next year. Among them, only 1 in 10 perceive homeownership as readily attainable. Moreover, the prospect of homeownership may entail unforeseen financial obligations, as indicated by 51% of Americans who anticipate utilizing more of their savings in the coming year. Interestingly, this trend slightly decreases to 45% among those actively seeking a home and 35% among non-homeowners.
Nevertheless, homeownership remains a pivotal avenue for accruing financial equity over time. KeyBank’s data highlights that 71% of new homeowners are confident in their ability to mobilize $2,000 within a month if necessary and express optimism about enhancing their financial standing (86%).
So, how can Americans prepare to purchase a home in 2024? As we observe Fair Housing Month, KeyBank is committed to aiding potential homebuyers in their savings endeavors. Establishing a dedicated savings account emerges as the primary tactic for 43% of Americans aiming to secure a new home. Other strategies include seeking guidance from financial professionals, trimming unnecessary expenses, and exploring additional income opportunities through side jobs.
While the journey toward homeownership may seem daunting, numerous resources exist to provide support and guidance. KeyBank is steadfast in its commitment to assisting clients in realizing their homeownership aspirations through equitable and accessible resources. To connect with one of our expert mortgage loan officers, click here. We believe in facilitating equal access to homeownership for all, and KeyBank stands ready to support you in your significant investment.
NMLS# 399797. KeyBank Member FDIC. NOTICE: This does not constitute a commitment to lend or extend credit. Certain conditions and restrictions may apply. Approval of all home lending products, including mortgages, home equity loans, and home equity lines of credit, is contingent upon credit and collateral evaluation. Not all home lending products are available in every state. Collateral property must be covered by hazard insurance and, if applicable, flood insurance. Actual rates, fees, and terms are based on those available at the time of application and are subject to change without prior notice.
The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. It gathered responses from 1,000 Americans aged 18-70, who are solely or jointly responsible for household financial decisions and possess a checking or savings account. The survey took place in September 2023 and explored respondents' financial attitudes, understanding, awareness, and actions over the preceding year.
With this concern looming large, many individuals hesitate to venture into the housing market. A notable 29% of Americans currently do not own a home and express no intention of purchasing one within the next year. Among them, only 1 in 10 perceive homeownership as readily attainable. Moreover, the prospect of homeownership may entail unforeseen financial obligations, as indicated by 51% of Americans who anticipate utilizing more of their savings in the coming year. Interestingly, this trend slightly decreases to 45% among those actively seeking a home and 35% among non-homeowners.
Nevertheless, homeownership remains a pivotal avenue for accruing financial equity over time. KeyBank’s data highlights that 71% of new homeowners are confident in their ability to mobilize $2,000 within a month if necessary and express optimism about enhancing their financial standing (86%).
So, how can Americans prepare to purchase a home in 2024? As we observe Fair Housing Month, KeyBank is committed to aiding potential homebuyers in their savings endeavors. Establishing a dedicated savings account emerges as the primary tactic for 43% of Americans aiming to secure a new home. Other strategies include seeking guidance from financial professionals, trimming unnecessary expenses, and exploring additional income opportunities through side jobs.
While the journey toward homeownership may seem daunting, numerous resources exist to provide support and guidance. KeyBank is steadfast in its commitment to assisting clients in realizing their homeownership aspirations through equitable and accessible resources. To connect with one of our expert mortgage loan officers, click here. We believe in facilitating equal access to homeownership for all, and KeyBank stands ready to support you in your significant investment.
NMLS# 399797. KeyBank Member FDIC. NOTICE: This does not constitute a commitment to lend or extend credit. Certain conditions and restrictions may apply. Approval of all home lending products, including mortgages, home equity loans, and home equity lines of credit, is contingent upon credit and collateral evaluation. Not all home lending products are available in every state. Collateral property must be covered by hazard insurance and, if applicable, flood insurance. Actual rates, fees, and terms are based on those available at the time of application and are subject to change without prior notice.
The KeyBank 2024 Financial Mobility Survey was conducted online by Schmidt Market Research. It gathered responses from 1,000 Americans aged 18-70, who are solely or jointly responsible for household financial decisions and possess a checking or savings account. The survey took place in September 2023 and explored respondents' financial attitudes, understanding, awareness, and actions over the preceding year.
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