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Survey: Why buy a home?

September 21, 2003|Chicago Tribune

What prompts consumers to go house hunting?

According to a recent Harris Survey, 25% said their decision was driven by a change in their life circumstances, such as a retirement, a new baby, a new job or a divorce. Eighteen percent said they're moving to get a bigger or better home, and almost as many said they're motivated by the potential investment.

One in three Americans ages 18 to 24 predict they'll buy a home within two years.

About 4% who are planning to move soon are doing it for a smaller monthly payment.

And most current homeowners aren't going anywhere. Just 10% said they intend to sell in the next two years.

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