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Jeffrey Rogers, COO of Integra Realty Resources, on a recent survey from Integra that found home ownership is still the “American dream.”
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Is it still part of the American dream while thankfully our next guest says yes.
He's releasing a survey first some -- shows just that joining us now.
Jeffrey -- president and CEO of Integra realty resources I'm very glad to hear that people still want to own -- home.
Yes it's pretty incredible -- who we we surveyed.
Over 156.
Markets across to US.
And we do a lot of work for apartment owners and investors.
And so we'll have to measure the impact to warn apartment building and how -- to first thing that would impact that.
And what's clear -- -- reports out that that perhaps the American dream of homeownership is dying or even dead -- -- just not true.
-- because -- -- for awhile and and it's the people should understand that this survey was just done couple weeks ago April 19 to twenty -- is really recent.
Excellent data.
But I think the media in particular -- -- coming out for a while saying you know what when you do the rent some buying calculation your breakeven for awhile and that tables are turning on that.
I -- -- the in really the tables really are turning in 156 markets to valuation.
Of homes increased in about half of those markets so this the coming up why we're really at the bottom right now especially because ram prices are going up the problem of course is it's still tough to get a mortgage.
I think the some of the numbers that you that came across a really interesting -- 76% of those over thirty say they are planning to buy a home right.
And admitted that the -- that we're having just that they can't two major reasons one they don't have the down payment right and true.
There -- there working what their job situation is not very stable.
So all -- -- 5% 40%.
Player to -- within the next twelve months and arrests are coming in limbo.
And again that's insisting because of our jobs number on Friday jobs -- such an important role in the recovery of this housing market Duncan absolutely anomaly Charles -- but.
The fact that people felt comfortable they feel secure because even if you have a job you're not -- -- into mortgage.
If you don't feel secure 47% of people over thirty feel like owning a home is very important I think that's interesting to under thirty excuse me 47% of people under thirty so young people want to buy.
That's exactly right and the reason is because they grew up thinking and dream about owning a home Pakistan apple boomer generation.
And this is -- if you think about it.
This is the first -- there actually in the have the ability to buy a home there in there early thirties late twenties.
And -- the -- thinking about it and wearing a bass mark location but it's pretty pretty interest in.
When we did the study that came back you would think that market conditions will be the number one reason right why people -- -- -- but it wasn't because.
They always dreamed of owning a home.
And actually market conditions came and start the second is -- thought they were wasting money one rent.
And that -- it came because the low interest rates -- low value.
It's -- is rents continue -- that will help turn things in the housing market what surprised you the most at -- in this survey quickly.
What -- would you would think that people buying homes and more depressed areas such as teach quarry.
In Vegas but actually DC -- -- survey.
And followed by New York City that's when our cities you -- -- doing really well -- -- that's because that's where the economy is doing the best.
It turns on you after jobs in there if there's income growth.
And then there's home buying -- fingers crossed this housing market turns out survey was great thank you for sharing with us first thank you Tracy democratic president CEO of Integra -- -- interesting stuff good stuff just for the qualified -- run out of without.
