In a recent Ipsos survey, 86% of those queried noted that home ownership represents a life goal. In a different Ipsos poll, two in five (39%) Americans say that they are planning on searching for a home to purchase within the next three years.
Meanwhile, yet another survey reported by Bank of America found that 76% of millennials and 80% of baby boomers believe “owning a home is a smart financial investment.” Millennials and baby boomers also overwhelmingly agree (79% and 80% respectively) with the statement that “Homeownership is a source of pride.”
In Colorado, a majority of citizens have put those feelings into action. The state boasts a high homeownership rate—63.7%. Centennial logs the greatest rate (85.42%), followed by Highlands Ranch (80.80%), Arvada (71.72%), and Thornton (65.94%). Denver’s rate is just under 50% (49.38%).
What accounts for this drive to own a home? Many experts note that homeownership is so highly valued because it provides a pathway to financial security. According to Real Estate Insider, for example, homeowners had a median net worth of $195,400 in 2013, compared to renters, whose net worth was only $5,400.