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According to a survey conducted by an online real estate website, a significant number of people still view homeownership as being part of the American Dream.
More than 2,000 adults ages 18 and older responded to the survey. The survey indicated 70 percent of those polled referred to homeownership as being part of their dreams. This percentage is unchanged from the company's survey conducted in January.
In addition, 57 percent claimed homeownership is the among the best long-term investments they could make, ahead of contributing to 401(k) plans or other retirement accounts. Furthermore, 80 percent expect to purchase another home for sale in the future, 69 percent of which were respondents over the age of 55.
Partially due to recent economic turmoil, respondents between the ages of 18 and 34 represented the largest portion of those who no longer view homeownership as part of the American Dream, with 24 percent stating so. Conversely, those 55 and older had the highest percentage in favor of ownership with 76 percent.
As the interest rate for mortgages continues to remain low, sentiments toward homeownership may change in the future.
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