A recent survey has unveiled a fascinating mix of hope and doubt when it comes to homeownership dreams. Nearly a third of the respondents expressed their desire to own their own home, but they harbor doubts about whether this dream will ever be realized. The survey, conducted by Amárach Research on behalf of the Banking and Payments Federation Ireland, engaged 1,200 adults in candid conversations about their housing aspirations. Dreams of Homeownership: Will They Become Reality?
Encouragingly, optimism appears to soar among those under the age of 35, with almost two-thirds of them believing that they will become homeowners within the next decade. This age group’s enthusiasm suggests a brighter future for homeownership.
The survey’s findings reveal that nearly two-thirds of the adult population already own their homes, while a quarter are renting. Additionally, 12% are living with friends or relatives. Among the homeowners, a third have already paid off their mortgage, while 30% are still paying for their homes. On the other hand, renters include 16% who lease from private landlords and 8% who rent from approved housing bodies, councils, or local authorities.
Breaking it down further, the research exposed that one-third of those aged 18-34 are either living with friends or relatives or renting from a private landlord. In contrast, 28% of this age group have achieved homeownership.
For individuals aged 35-44 and 45-54, roughly half own homes with a mortgage. Surprisingly, 60% of adults have lived at their current address for over a decade, and almost three-quarters of these are homeowners.
The majority of adults indicated that they have no intention of moving from their current residences, while a third did express plans to relocate. Interestingly, nearly three-quarters of owner occupiers showed no inclination to move, whereas 59% of non-owner occupiers intend to stay in their current homes for up to five years before considering a move.
Furthermore, the study revealed that almost half of those not yet on the property ladder believe it will take up to a decade before they can purchase a home.
In summary, today’s survey findings reiterate the profound importance of homeownership for many. As Brian Hayes, Chief Executive of BPFI, put it, “Owning your own home is an important goal for many people.” The data suggests a strong demand for both new and second-hand homes, with mortgage lenders striving to meet this demand. Over 30,000 first-time buyer mortgages were approved in the twelve months ending August 2023, and around 12,000 approvals for home movers were granted over the same period. The future of homeownership remains an encouraging journey for many.
Dreams of Homeownership: Will They Become Reality?
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