Mortgage Update: June 9
Fannie Mae Shares Results in Survey about Important Factors in Living “The Good Life”
Fannie Mae just came out with data from a recent study about the important factors considered as a part of creating "The Good Life."
The question asked to participants was:
"When you think of what you consider "the good life" - the life you'd like to have - how important are each of the following?"
There were 11 factors ranked and 3 of the top 6 were housing-related factors.
Being financially secure. Being financially secure is the number one item on this list. Owning a home (in our opinion) helps you become financially secure. Every time you make a house payment, it's building generational wealth. A little bit of that money is like savings because it's going towards equity and you're building something for your future.
Living in a location I like. The next housing-related factor is location, ranking third on the list. Although down when you compare it to 4th quarter of 2020 (likely due to remote work being slightly down in 2022 versus 2020), participants found it highly important to live in a place they like. Buying a home in a place that you like to raise a family is critical.
Owning a home. At number six on the list was owning a home. Regardless of the market, regardless of interest rates, regardless of rising prices, owning a home is still very important to prospective homebuyers out there.
A valuable takeaway from this study is how important homeownership continues to be. For those of us in the mortgage and real estate businesses, we owe it to the markets that we serve to promote homeownership. (It is National Homeownership Month, by the way!) It creates generational wealth. It creates financial security. It creates happiness. And based on this study, it creates "The Good Life."
Let's see how, together as a mortgage and real estate community, we can help more and more people around us enjoy "The Good Life."
Please email mortgages@johnadamsmortgage.com.