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National Homeownership Month survey finds Americans’ needs, wants have changed

Updated: Jun. 7, 2021 at 7:42 AM CDT
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MONTGOMERY, Ala. (WSFA) - June is National Home Ownership Month, and it seems the times have changed people’s minds about what they want in a home.

A new Regions survey shows about one in five Americans are planning to buy their first or next home in the next 12 months. As they navigate that process, Regions Financial Wellness Relationship Manager Gayla Land says Home Ownership Month is the perfect time to re-evaluate what you really need out of your new home.

“It’s just a great opportunity to shine a light on the benefits of owning a home for families and the community. And it’s also a great opportunity to become more informed and increase your knowledge about the home buying process so that we can be more informed homeowners,” said Land, explaining the pandemic may be a factor in what Americans are looking to buy.

“Our survey recently found that due in part to the pandemic, many are looking for space, more space inside and outside of their home, over the location of their home. I think for many of us, working from home, virtual learning, and just spending time at home over the past year, has highlighted the need for more space. And that’s certainly one of the findings of our survey,” Land said.

While owning a home is the “American Dream,” the process can be long and complicated. Land recommends doing some research before deciding to buy.

“Our survey found that many are unsure of how to navigate that process, and what all is involved. But the most important thing is to understand that process and to understand how much you can afford. That’s one of the first things, and to do that you can, you know, make sure you have enough in savings to cover the down payment. Make sure that you can calculate that down payment,” Land said. “And then you can know your resources of who to reach out to you.”

Land added “there’s also building and maintaining your credit. That’s one of the most important things as well is, you know, make sure you’re checking your credit report. Make sure that you’re paying your bills on time and make sure that you are, you know, understanding how credit does impact the home buying process credits important, but it’s absolutely important when it comes to home ownership and getting ready to purchase that home.”

And finally, according to Land, there’s pre-approval.

“It always helps when you come to the table with a pre-approval letter. When you’re actually going and making offers and looking at homes.”

To help potential homeowners navigate the buying process, Regions Bank offers free resources in its “Next Step” initiative.

There’s also a free webinar called “The Road to Homeownership.” Regions has set the date for that event for June 23.

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