March 2024 Survey by Finance of America, and explanations of results provided by HowMuchAMonth.com.

In a recent survey, homeowners rated their highest financial priority, and here are their results.

  1. Saving for the Future, Retirement, and Emergencies (72%):

    Homeowners prioritize building financial security by setting aside funds for their future needs, retirement, and unexpected emergencies.

    This prudent approach ensures stability and resilience in the face of unforeseen circumstances.

 

  1. Reducing Costs (45%):

    Home ownership comes with ongoing expenses such as mortgage payments, property taxes, and maintenance.

    By focusing on cost reduction, homeowners aim to optimize their financial situation and allocate resources efficiently.

 

  1. Making Home Improvements (24%):

    Enhancing the value and comfort of their homes is a priority for many homeowners.

    Investments in renovations, repairs, and upgrades contribute to long-term satisfaction and potential resale value.

 

  1. Enhancing Lifestyle with Travel, Culture, and Fitness (20%):

    Homeowners recognize the importance of a balanced lifestyle beyond their property. Allocating resources for travel, cultural experiences, and fitness activities enriches their overall well-being.

 

  1. Paying for Healthcare (12%)

    Health-related expenses can be significant, especially as homeowners age.

    Allocating funds for healthcare ensures peace of mind and access to necessary medical services.

These priorities reflect the diverse financial considerations that homeowners navigate to maintain a harmonious and fulfilling life.  If you would like to find out more about purchasing a home, or accessing home equity, please feel free to contact us at your earliest convenience.