ST. LOUIS (KMOX) – St. Louis area residents have family in mind when buying homes.
It sounds like a natural thing, but Alan Seelenbinder Senior VP of Sales in Mid America for Bank of America says their survey shows 51 percent buy their home for familial reasons compared to 35 percent nationally. He says the home is also seen as an investment here.
“Not only as an investment, but they really see it as family oriented, a place to raise their children, where to put down roots. I think that’s what we see across the midwest, and St. Louis is no Exception,” he says.
The Bank of America insight report also found St. Louis area home buyers are keeping homes longer, and 87 percent of St. Louis home buyers believe owning is more affordable than renting. 46 percent of aspiring home owners say they will buy their first home within the next two years and 58 percent have started to plan for a down payment. Seelenbinder says 48 percent are also saving for retirement.
“We don’t see that large of a percentage, so it bodes well for great things, patterns in creating stability and a sense of community, because they’re not only looking at home ownership, they’re also looking at planning for retirement at the same time,” he says.