The American Dream is still alive and well today, according to a survey taken by Wellsfargo How America Views Homeovership, which gathers that a majority of Americans, including millennials, still value home ownership and plan to eventually become home owners.
"Wells Fargo believes it's important to take time to engage in a collaborative, national dialogue about how lenders and the housing industry best serve a wide range of qualified customers, how our commitment to doing so will impact communities an dour country as a whole, and what questions we should address together about responsibly enabling sustainable homeownership," said Franklin Codel, Head of Wells Fargo Home Lending.
So while most Americans believe buying homes is a good investment, many are hesitant to commit, stating that the home-buying process is a hassle. There are other factors they are considering as well, such as credit scores, saving up money for a down-payment, and the commitment of a long-term loan.
"As for the growing sentiment in the mortgage industry that millennials are not interested in homeownership, the survey results seem to indicate the contrary. According to the survey, 40 percent of respondents between the ages of 18 and 34 said they "definitely will" or "probably will" buy a home in the next two years, which was nearly double the percentage of the general population (22 percent) that plans to become homeowners over the same period."