May 25, 2017
Does homeownership evoke warm, idyllic images of baby’s first steps, family game nights and dinner table conversations with the kids? If you are from St. Louis, the answer is probably yes.
A recent survey from a Bank of America report found that just over half of St. Louisans cite family reasons as the impetus to buying a home and 59 percent of those in the market for one associate homeownership with family. According to STLRealEstate.news, that’s a figure above the one found in 10 other markets from Boston to Phoenix where smaller sample sizes were taken to compare to the Gateway City.
Other figures from the online survey of more than 4,900 adults found that 46 percent are looking to purchase their own abode in the next two years and 58 percent are already putting away extra cash for a down payment.
The sample included more than 1,200 homeowners and nearly 500 prospective buyers. Those surveyed who have already purchased homes generally agreed that saving up for a residence is a process that should start early.
For purposes of comparison, about 300 participants were surveyed in cities outside St. Louis including Charlotte, Chicago, Dallas, Denver, Houston, Miami and New York.