The American dream of home ownership is alive and well, judging by the outcome of a Better Homes and Gardens study conducted before mortgage rates started sliding downward.
The study, titled "Inquiry on Housing," found that if respondents were to move in the near future, 82% would choose a single-family detached home. Nearly 25% indicated that they anticipate a move within six years.
Almost 90% of the respondents currently own their residences but when presented with an option to move, two-thirds said they would choose newer homes that offer more space and lower maintenance costs.
More than 75% of the respondents bought their homes more than five years ago and paid an average purchase price of $45,000 with a mortgage rate of 8.2%.
Respondents included 500 of the 1,000 randomly selected subscribers on the magazine's Consumer Panel.