There are many ideals individuals may have regarding homeownership. What ideals are prevalent among homeowners can shift over time. This can be seen in what has been happening lately with one traditional homeowner ideal: the idea of living in one’s current home for the remainder of one’s lifetime.
A recent survey indicates that this ideal is falling out of favor with many individuals here in the United States. The survey was of 1,000 American adults who were recent or prospective homebuyers. Of these individuals, over half (56 percent) indicated they felt that a “forever home” was an outdated idea. Many of the millennial respondents indicated that they expected to change homes as time goes on.
Why do you think this shift in homeownership ideals is occurring? What sorts of impacts do you think this shift will have?
Among the situations in which what homeownership ideals a person has could be impactful are when they have run into significant mortgage debt trouble in relation to their home. Such ideals could impact what overall goals a person has when facing such a situation.
For some homeowners, when facing things like a possible foreclosure, their primary goal is to save their home. Other homeowners, however, may have other things that they view as being very important when facing mortgage debt troubles and may care much more about achieving these other goals than keeping their home. One wonders if the above-mentioned shift in homeownership ideals will have impacts on how prominent of a goal keeping one’s home is among individuals facing foreclosure.
What goals a person has when facing mortgage troubles can impact many things, including what particular methods for addressing the troubles they might want to consider.
Source: Construction Dive, “Taylor Morrison consumer survey shows changing homeownership ideals,” Mary Tyler March, May 18, 2017