Due to the increase in rent, 45 percent of consumers polled by American Consumer Credit Counseling plan to purchase a house within the next year.
Boston, MA – July 16, 2016
According to a recent survey by American Consumer Credit Counseling, over 60 percent of respondents are considering buying a home in the near future with 45 percent planning on making the purchase within a year.
Of the respondents, 81 percent pay a rent or mortgage of up to $2,000. Out of the respondents that are homeowners, 67 percent pay a mortgage of $1,000 to $3,000. A total of 88 percent of respondents who are renters pay up to $2,000 on rent.
“With the price of rent continuing to increase, it is not surprising that majority of consumers are considering buying a house in the suburbs,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Becoming a homeowner is an exciting time, so it is best to be prepared and knowledgeable about the process.”
Although 85 percent of respondents who are considering buying a home in the near future have not taken a first time homebuyer class, more than 75 percent said they are either familiar or somewhat familiar with the home buying process.
Of the potential homebuyers, 38 percent of respondents are planning on a down payment of 10 percent – whereas 20 percent are able to afford a down payment of 20 percent or more. According to RealtyTrac, the average down payment for single family homes, condos and townhouses was 14.8 percent of the purchase price in 2015, which is down from 15.5 percent in 2014.
Seventy-three percent of respondents have an annual income of $20k to $99k and 23 percent have an income over $100k. Fifty-seven percent of the respondents are between 25 and 45 years old.
The online poll of 112 participants was conducted by American Consumer Credit Counseling on the organization’s website, www.consumercredit.com. You can view an infographic illustrating the poll results here:
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at https://www.consumercredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more information visit https://www.consumercredit.com/debt-help/.