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New CHFA Survey: Interest in Home Ownership is Strong

Connecticut Housing Finance Authority (CHFA)
 

A new report from the Connecticut Housing Finance Authority (CHFA) says interest in home ownership is strong. The report, conducted by the Center for Research & Public Policy (CRPP) for CHFA , said that 80% of Connecticut renters are interested in buying their first home. That’s up from 64% last year.

“It is very good news for the state’s economy that so many renters are interested in homeownership,” said Eric Chatman, president and executive director of CHFA.  “We are seeing this interest reflected in the increase in CHFA’s mortgage programs, which are up nearly 35% in 2014. First-time buyers are the engine that drives the housing market. When CHFA helps renters become homeowners, there’s a chain reaction as existing homeowners also move up to their next home.” 

Survey respondents said the advantages of homeownership include:

  • the ability to make changes to the property
  • building equity/investment
  • privacy, and 
  • pride in ownership

That goal is thwarted by the difficulty in saving for a down payment. In 2014, 60% of renters said having enough money for a down payment was a problem, an increase of nearly 15% since 2013.

CHFA offers down payment assistance as well as homebuyer education classes that provide financial basics, and information on buying and maintaining a home. This year, attendance in the classes is up 58%.

Click here to learn more about classes offered through CHFA-approved counseling agencies.
 

 
 

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