70% of First-Time Homebuyers See Ownership as Wealth Building
illustration of buying a home

70% of First-Time Homebuyers See Ownership as Wealth Building

The past few years have proven to be an interesting time for those looking to buy a home. Between a global pandemic and interest rates flipping from record lows to multi-year highs, some might have assumed that episode would only further grow the cohort of Americans who were content to rent indefinitely rather than buy. However, a new survey from Chase finds that a significant number of those who don’t own houses still intend to buy — and see doing so as a major financial milestone.

About Chase’s survey:

A new study from Chase surveyed 1,900 American consumers who have never owned a home about their thoughts and intentions about home buying. First, 44% of these respondents stated that they are confident in their ability to finally be ready to purchase a home in the coming year. That response is up 12% year over year. As part of this, two-thirds of those surveyed stated that they’ve employed budgeting techniques and improved their credit scores due to their intention to buy. Moreover, 25% of respondents report that they’ve moved in with their parents as a money-saving strategy.

On that note, the survey also found that a majority of consumers continue to view homeownership as a financial rite of passage. Furthermore, 70% say they view owning a home as an important step toward building wealth.

Outside of the survey:

Chase’s survey happens to coincide with the launch of a number of new features from Chase Home Lending. Among them is the Lock and Shop offer, which allows customers to lock in a mortgage rate for up to 90 days with no upfront fee. Under this program, customers will need to find a property within 60 days. Meanwhile, should rates actually improve during the period, customers have the option of a one-time “float down.”

Elsewhere, Chase is also piloting a new program meant to entice buyers into comparing rates with the bank. Those who have an active loan offer from another lender can check with Chase to see their rates. In the event that Chase can’t match or beat the other offer, eligible prospective buyers will be awarded $200. Currently, this pilot program is being offered to Chase customers in Houston, Ohio, and Arizona.

What they’re saying:

Commenting on the results of the survey, Chase Home Lending’s Head of Consumer Originations Sean Grzebin said, “Prospective homebuyers are eager to tap into the wealth-building capabilities that homeownership brings. Despite market uncertainty and lengthened timelines, first-time buyers are making the necessary lifestyle adjustments to reach their homeownership goals.”

Additionally, in regards to the bank’s new features for homebuyers, Grzenbin noted, “The homebuying process can be complex, so it’s critical that homebuyers have the right knowledge, tools and experts to help them. The latest set of resources from Chase, coupled with our network of home lending advisors, were designed with the current needs of homebuyers in mind, like locking in a rate and finding opportunities for savings.”

My thoughts:

Lest you assume that all Millennials and Gen Zers are resigned to renting forever, Chase’s survey shows that isn’t the case across the board. Not only are a number of adults desiring to become homeowners but are also actively working toward that goal. With that said, it’s worth noting that Chase’s survey was conducted in the fourth quarter of last year. Therefore, it’s possible that some of the optimism expressed in the results could have faded some — especially as other surveys show Americans stating that now is not a good time to buy a home. Regardless of whether first-time homebuyers are able to buy within the coming months or have to wait for another couple of years, it’s great to see that banks are still working to serve this upcoming generation of buyers and meet them where they are in the process.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

"The Unbanking of America" Book Review

In her new book " The Unbanking of America: How the New Middle Class Survives" author Lisa Servon looks at everything from the payday loan industry to FinTech while also discussing the changing economics of the middle class.
Charlie and SpeedBump logos

Charlie Introduces SpeedBump Fraud Protection Feature

A FinTech that helps prevent adults from falling victim to scams and fraud is adding a new feature to further that cause. About SpeedBump: Today, Charlie announced the launch of its SpeedBump feature. This tool combines alerts, pauses, and real-time education to help protect older adults who may be vulnerable to scams and fraud. SpeedBump may be activated when Charlie customers take certain actions, such as adding a payee, making...
AMEX card in the middle of a restaurant table full of food

American Express to Acquire Tock from Squarespace

American Express is expanding its dining platform with not one but two acquisitions. About the acquisitions: Today, Amex announced that it will be acquiring the restaurant reservation service Tock from Squarespace (who purchased the company in 2021). The purchase is expected to be for $400 million in cash but is subject to closing conditions, customary adjustments, and regulatory approval. Amex also notes that, as part of the deal with Squarespace,...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...