For the majority of us, each new year comes with a fresh set of resolutions. Thus far, it seems like 2019 will be no different. As a good portion of Americans are busy setting weight loss and fitness goals, many are also turning their attention to their finances and taking a look at what their financial goals will be for the coming year, according to a new survey by Bankrate.com.
The survey found that the vast majority of Americans—9 in 10, to be exact—have at least one specific financial goal that they’d like to carry out within the next year. Thirty percent said that they’d like to pay down some of their debts; 13% said they’d like to get better at budgeting; 12% said they hope to save more for retirement; 10% said they’d like to save more for emergencies; 6% said they’d like a higher paying job; 5% said they aim to invest more; and 4% said they’d like to focus on buying a home. The remaining 8% cited another goal.
“While the nation’s housing market has been pressured by the longer-term rise in mortgage interest rates, which have edged lower in recent weeks, the reality is that a significant cross-section of the American people is going to make home buying a priority because these individuals believe it is the right thing to do at this point in their lives,” says Bankrate.com’s senior economic analyst, Mark Hamrick. “Think of young people preparing to raise a family in a rental unit, or in a structure in an urban environment. It is just too confining.”
“At the other end of the life-cycle spectrum,” he continues, “for some older Americans, the time has come to downsize. They’re moving away from a single-family home with a large footprint. Finally, others will be looking to buy because they’re moving as they can further traction with their careers.”
Of those ready to buy a home, Millennial led the pack, accounting for 7% of their demographic. These figures are not surprising that a recent National Association of Realtors survey of home buyer and seller generational trendsfound that Millennials now make up the largest share of home buyers at 36% of the total market
Comparatively, just 2% of Gen-Xer’s said that buying a new home was their top priority for the year while 5% of Baby Boomers said that making a home purchase topped high on their list. For their part, none of the respondents from the Silent Generation chose to make buying a home their top financial goal for 2019.
Author: Tara Mastroeni
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