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Survey Finds Home Ownership Key To Financial Security
By James Comtois
When it comes to financial security, there's no place like home. Or at least, there's nothing like owning a home. According to a survey released by Minneapolis-based financial services membership organization Thrivent Financial for Lutherans, nine out of 10 American adults say that home ownership contributes either a great deal to their sense of financial security (63%) or moderately so (27%).
Of those surveyed, only 9% of Americans reported that home ownership contributes "hardly at all" to people's financial security.
"A safe, affordable home remains the foundation for most Americans' financial goals and dreams," said Mark Andrews, executive director of Thrivent Builds with Habitat for Humanity, a $105 million alliance to build homes with low-income families. "Unfortunately," he added, "many American families simply are not able to obtain this critical asset. Some 13 million households pay more than 50% of their income for housing, well above federal guidelines of 30% of gross income."
The survey found that home ownership becomes increasingly important to people's financial security as their incomes rise. While 56% of those with household incomes of less than $25,000 said home ownership contributes a great deal to one's sense of financial security, 69% of those with incomes of $75,000 or more agreed.
Similarly, the higher a person's education level, the more critical home ownership becomes to his or her financial peace of mind. Of respondents who have never attended college, 58% said home ownership contributes a great deal to their financial security. This compares to 65% of those who attended college and to 72% of those with post-graduate degrees.
"Regardless of age, income, marital status, education or employment status, the majority of Americans say home ownership plays a critical role in their financial well-being," said Brad Hewitt, senior vice president of volunteer programs with Thrivent Financial. "Home ownership remains the embodiment of the American dream for most people, and this is why Thrivent Financial is eager to partner with more low-income families to achieve this goal."
Telephone interviews were conducted for Thrivent Financial by Chicago-based Synovate TeleNation Research between Dec. 2-4, 2005, among a nationwide sample of 1,000 U.S. adults aged 18 and older.
Separately, Thrivent Financial recently committed $105 million and approximately five million volunteer hours over the next four years to help Habitat for Humanity International increase its capacity to build more homes through Thrivent Builds with Habitat for Humanity programs. The programs promote donations, volunteerism, neighborhood development and house-building trips by Thrivent Financial's nearly 3 million members. In 2006, the organization will build up to 312 homes with Habitat in the U.S. and more in other countries.
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