LIFE, LIBERTY AND THE PURSUIT OF IT ALL: WOMEN CONSIDER FAMILY, CAREER AND OWNING A HOME TO BE VITAL COMPONENTS OF THE AMERICAN DREAM
A Recent TD Bank Poll Finds Women Are Nearly 10% More Likely to Aspire to Homeownership than Men
CHERRY HILL, N.J., and PORTLAND, MAINE – September 13, 2012 /PRNewswire/ — A Home Buyer Poll released by TD Bank, America’s Most Convenient Bank®, has revealed that 64% of women believe homeownership is essential in defining the American Dream. In comparison, only 52% of men felt owning a home was important. Furthermore, aspirations of homeownership are more prominent with women, with 66% of current female renters stating they intend to own a home in the future as opposed to 57% of men.
TD Bank surveyed more than 1,300 consumers across the U.S. to better understand the perceptions and attitudes surrounding home ownership and the American Dream, examining the attitudes of current renters and prospective home owners, as well as past and present home owners.
In pursuit of the American Dream, the survey also found women aren’t willing to give up on success in other areas of their lives. According to findings in the poll, women consider family and children (60%) and a stable career (59%) to be essential parts of the American Dream.
“As the home buying market continues to stabilize our survey tells us that Americans, and women in particular, are looking to buy homes,” said Michael Copley, Executive Vice President, Retail Lending, TD Bank. “At TD Bank, we believe buying a home is a significant milestone in anyone’s life. As women manage career, family and home, TD Bank is committed to helping our customers achieve their American Dream through homeownership with legendary service and array of mortgage products that can meet the needs of a first time homebuyer with limited cash or an experienced homeowner.”
Female Practicality Prevails
Study results showed that current female homeowners were slightly more practical when purchasing their first home. Twenty-three percent of women bought their first home because they felt financially ready, compared to 20% of current male homeowners. Additionally, the poll found that 93% of women do not regret purchasing their first home; suggesting women take much into consideration when to buy a home, to ensure they are making the best choice.
What Women Want
Not surprisingly, elements women deem most essential in defining the American Dream (homeownership, a stable career and having a family/children) tracked similarly as what they consider important to their sense of accomplishment. Notably, homeownership leads as the primary achievement contributing to feeling accomplished:
- Homeownership (92%)
- Stable career (84%)
- Having a family/children (81%)
Growing Family, Growing Home
Of respondents who intend to sell their current home and buy a bigger, more expensive home, 47% cited a growing family as a primary reason for the move.
For those who intend to sell their current house and purchase a larger one, just as many women say that space is an important factor as those who note the features of the home (58%). However, only 32% of men cited those reasons when buying up.
“To finance a bigger home purchase, customers may want to look into a jumbo mortgage, which in most housing markets is a loan of more than $417,000.” said Copley. “Though this process can be more rigorous, some banks, like TD Bank, treat jumbo mortgages as they treat other mortgage products, guaranteeing a decision on the loan in less than 24 hours. Furthermore, as a lender who does not sell our loan portfolio, TD Bank can offer flexible terms and lending guidelines, to best fit unique borrowing needs for each customer.”
Other Key Findings From The Survey Include:
- Half of current female homeowners reported buying their first home between the ages of 25-34.
- Twenty percent of women cited the American Dream as their biggest motivation in buying a home, compared to only 15% of men.
- At the time of purchasing their first home, women felt proud (51%) and excited (66%).
The study was conducted among a nationally representative group of consumers from April 17th –25th, 2012. The sample size of 1,303 has a margin of error of +/- 2.3%. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,280 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, insurance products and services through TD Insurance, Inc., and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody’s. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.