Junior Achievement and Fannie Mae Youth Homeownership Survey Reveals Teenagers Desirous about Applications That Educate How Mortgages and Homeownership Work
COLORADO SPRINGS, Colo., Aug. 3, 2022 /PRNewswire/ — A brand new survey by Junior Achievement USA and Fannie Mae reveals most teenagers (88%) wish to personal a house sometime. The survey displays that the majority teenagers (85%) imagine “proudly owning a house” is a part of “the nice life,” in comparison with almost as many adults (87%) based mostly on Fannie Mae’s This fall 2020 Nationwide Housing Survey®. Nevertheless, fewer than half (45%) of surveyed teenagers might appropriately determine the definition of a house mortgage and 76% mentioned they lacked clear understanding of credit score scores. The survey of 1,000 nationally consultant U.S. teenagers between the ages of 13 and 17 was performed from Could 25 by Could 31, 2022, by Wakefield Analysis.
Whereas almost all teenagers (96%) imagine credit score scores performs an necessary position within the capacity to buy a house, roughly three in 4 (76%) mentioned they understood credit score scores solely “considerably,” “a little bit,” or “in no way.” Practically all teenagers (97%) thought it will be useful if faculties supplied classes that defined homeownership, together with mortgages.
“There’s been this theme that youthful People aren’t keen on homeownership, however the outcomes of this survey contradict that assumption,” mentioned Jack E. Kosakowski, President and CEO of Junior Achievement USA. “Teenagers seem very keen on proudly owning a house sometime however appear to comprehend they want extra data on the way to do it.”
“Younger individuals right now are the homebuyers of tomorrow. By offering them entry to high quality, foundational schooling now, Fannie Mae and Junior Achievement are serving to these future owners to organize for the mortgage and homebuying course of once they’re able to take that step,” mentioned Jeffery Hayward, Govt Vice President and Chief Administrative Officer, Fannie Mae. “Fannie Mae is dedicated to supporting sustainable homeownership, and the outcomes of this survey reinforce how homeownership and monetary schooling can allow aspiring owners to achieve success of their housing journey, each in shopping for a house and sustaining it over the long run.”
In response to younger individuals’s curiosity in studying extra in regards to the monetary points of shopping for a house, Fannie Mae is supporting the event and deployment of Junior Achievement studying experiences for 1000’s of scholars yearly in varied age teams. Starting with the 2022-2023 faculty yr, related content material from Fannie Mae’s HomeView™ homeownership course supplies and sources, designed with first-time homebuyers in thoughts, are built-in in an age-appropriate method into Junior Achievement packages and made obtainable to college students in each digital and print codecs.
Different key survey findings embrace:
- Along with proudly owning a house, most teenagers additionally imagine that “residing in a location I like” (90%), “being in good well being” (96%), “having an attention-grabbing job” (87%), and “having work-life stability” (96%) are an necessary a part of “the nice life.” Solely a slight majority of teenagers (51%) mentioned “having kids” is a vital a part of having “the nice life,” in comparison with greater than three in 4 adults (77%) from the 2020 Nationwide Housing Survey.
- Most teenagers (61%) say their dad and mom personal their dwelling. Lower than half of Black teenagers (44%) responded that means, with almost as many saying they hire (42%). A bit of over half of Hispanic/Latino teenagers (52%) say their dad and mom personal their dwelling, in comparison with one-third (33%) who say they hire.
- A slight majority of White teenagers (52%) appropriately recognized the definition of a mortgage, in comparison with round 1 / 4 (26%) of Black teenagers and fewer than half (41%) of Hispanic/Latino teenagers.
- A majority of White teenagers (72%) recognized their household as being the largest affect on their opinions about homeownership. This sentiment was shared by greater than half of Black teenagers (59%) and Hispanic/Latino teenagers (66%).
An govt abstract of the survey could be discovered right here.
Methodology
The Junior Achievement/Fannie Mae Survey was performed by Wakefield Analysis (www.wakefieldresearch.com) amongst 1,000 nationally consultant U.S. Teenagers ages 13-17, between Could 25th and Could 31st, 2022, utilizing an electronic mail invitation and an internet survey. Respondents weren’t affiliated with or enrolled in Junior Achievement packages. Information was weighted to make sure a dependable and correct illustration of U.S. teenagers ages 13-17.
Demographic notes:
- Black, non-Hispanic – Any teen (13-17) who studies their race as “black” or “African American” and should not of Hispanic or Latino heritage.
- Hispanic – Any teen (13-17) who studies being of Cuban, Mexican, Puerto Rican, South or Central American, or different Spanish tradition or origin no matter race.
- White, non-Hispanic – Any teen (13-17) who studies their race as “white” and should not of Hispanic or Latino heritage.
- Different – Any teen (13-17) who studies their race as one thing aside from the above (embrace Asian/Pacific Islander or Native American as requested on this survey) and should not of Hispanic or Latino heritage.
Wakefield is following the strategy the U.S. Census and surveys performed by the U.S. Census Bureau use when asking for ethnicity and race. The definitions used within the desk are generally used to current information for ethnicity and race.
For fielding this survey, Wakefield used benchmarks from the Present Inhabitants Survey, performed by the U.S. Census Bureau.
Outcomes of any pattern are topic to sampling variation. The magnitude of the variation is measurable and is affected by the variety of interviews and the extent of the odds expressing the outcomes. For the interviews performed on this specific research, the possibilities are 95 in 100 {that a} survey end result doesn’t range, plus or minus, by greater than 3.1 proportion factors from the end result that will be obtained if interviews had been performed with all individuals within the universe represented by the pattern.
About Junior Achievement USA® (JA)
Junior Achievement is the world’s largest group devoted to giving younger individuals the data and abilities they should personal their financial success, plan for his or her future, and make sensible educational and financial decisions. JA packages are delivered by company and group volunteers, and supply related, hands-on experiences that give college students from kindergarten by highschool data and abilities in monetary literacy, work readiness, and entrepreneurship. In the present day, JA reaches greater than 2.5 million college students per yr in 103 markets throughout america, as a part of 10 million college students served by operations in 100 different nations worldwide. Junior Achievement USA is a member of JA Worldwide. Go to www.ja.org for extra data.
About Fannie Mae
Fannie Mae advances equitable and sustainable entry to homeownership and high quality, reasonably priced rental housing for thousands and thousands of individuals throughout America. Fannie Mae permits the 30-year fixed-rate mortgage and drives accountable innovation to make homebuying and renting simpler, fairer, and extra accessible. Go to fanniemae.com for extra data.
SOURCE Junior Achievement USA
