Majority of Pennsylvania Consumers Want to Live in Their Home at Least 15 Years

News provided by

Pennsylvania Association of Realtors(R)

Sep 14, 2015, 10:34 ET

LEMOYNE, Pa., Sept. 14, 2015 /PRNewswire-USNewswire/ -- Buying a home is a generational purchase and an aspiration for recent Pennsylvania homebuyers, according to Welcome Home, a new survey conducted for the Pennsylvania Association of Realtors® (PAR). Fifty-nine percent of respondents indicate that they want to live in their recently-purchased home for at least 15 years, and 46 percent hope to live in their new home for more than 25 years.

Welcome Home logo

"These results show that buying a home is still the American dream," said PAR President Ron Croushore. "Consumers understand that owning a home is the foundation of financial stability because it helps build family wealth and strengthens communities."

A 30-year traditional mortgage remains the preferred way to finance a home purchase according to 47 percent of respondents. Cash purchases were the most common purchase method of retired respondents, with 38 percent of them using a cash-only purchase.

"The Federal Housing Administration (FHA) loans are an important option for first-time buyers," Croushore said. "About 1 in 6 respondents under the age of 35 indicated they used an FHA loan to purchase their home. The new FHA policy lowering the cost of FHA's mortgage insurance premiums made earlier this year has translated into an average savings of $900 a year for future homeowners."

Relocation was the most commonly mentioned response for the main reason to buy a new home. More than 1 in 3 respondents between age 35 and 49 cited relocation as their main reason to purchase a home, suggesting a stronger willingness to move into new communities among younger middle-aged respondents. Not unexpectedly, homebuyers with children are almost 10 times more likely to say schools were their most important reason to move compared to homebuyers with no children at home.

The survey, which included telephone interviews with consumers who purchased a home in Pennsylvania in the last 12 months, was performed by Keystone Analytics®.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 30,000 members in the Commonwealth of Pennsylvania.

Keystone Analytics® is a Pennsylvania-based business and research firm that provides a cohesive approach to a wide range of services, including market and constituent surveys and analysis, and conducting issues management.

Logo - http://photos.prnewswire.com/prnh/20150914/266097LOGO
Logo - http://photos.prnewswire.com/prnh/20150914/266098LOGO

SOURCE Pennsylvania Association of Realtors(R)