A study of first-time home buyers. Does this sound like you?
Genworth Canada conducted a study of first-time home buyers. What are first-time home buyers purchasing habits.
Stuart Levings, President and CEO, Genworth Canada, said: “From the perspective of a mortgage insurer, these first-time home buyers possess a positive profile which includes full-time jobs and incomes to support their monthly mortgage payments. They are financially responsible and looking for the benefits associated with long-term home ownership.”
Key Highlights From The Study
- 48% of first-time homeowners feel they are in “good financial shape.”
- First-time home buyers are usually fully employed (84%) and many (48%) work in a private business.
- The majority (61%) have a university degree.
- Slight decline in the perception that owning a home was a wise financial decision 49% down from 53%.
- First-time home buyers were less confident they could afford a home 39% down from 44%.
- 57% of respondents said it’s more difficult to buy a home today than it was in the past.
The study included 1,803 interviews conducted earlier this year with people aged 25-40 who had purchased their first home within the past two years.
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