TYSONS, Va., Sept. 18, 2018 — Americans are determined to own their dream homes – whether they buy or renovate – and despite current housing market trends, according to the recent PenFed Credit Union National Mortgage Survey released today.
The survey reveals that 37 percent of adults and 52 percent of millennials are looking to purchase a home in the next two years. Nearly all current homeowners (95 percent) like their home, but the majority (54 percent) would also like to renovate their homes. Additionally, the survey found that nearly half (48 percent) of those who do not currently own a home will be house-hunters over the next couple of years.
Nationally recognized market research firm, McLaughlin & Associates, conducted the survey on behalf of PenFed, the nation’s second-largest federal credit union.
“Americans are undeterred when it comes to owning their dream home and we are finding that for many that means renovating their current homes,” said Craig Chapman, vice president of mortgage sales and business development, PenFed. “At PenFed our second trust loans are up and we expect to end the year with a 20 percent increase over last year. Like many industry experts we expect this increase to continue.”