Desire Outweighs Necessity in the Home Buying Equation

June 1, 2017 Staff Writer

In a new survey, more homebuyers cited that their reasoning for buying a home was personal choice—build equity, move to a good school district, have a larger yard or living area, secure a vacation home—than out of necessity. Twenty-six percent said sudden or unexpected changes to their life, such as pregnancy, marriage, divorce, a death in the family, financial hardship, or health reasons necessitated their purchasing of a phone, as opposed to the former 31 percent. Unsurprisingly, those who wanted to buy were more likely to secure a FHA loan to pay for their home, while those who felt like they needed to buy took a 30-year mortgage or paid cash.

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