Compared to residents in most areas, far fewer home-buyers in metro Atlanta believe that they won’t need to spend a lot of time saving up money for a down-payment, according to a survey by Bank of America, slated to be released today.
Half of those surveyed nationally said it will take a long time.
In metro Atlanta, just 30 percent of those surveyed in metro Atlanta said it will take a long time. Moreover, according to the survey, 62 percent of potential home-buyers in Atlanta believe that even without saving up, they will be able to afford a home within five years.
But then, Atlanta buyers are apparently a more emotional bunch.
In making the decision to buy, 77 percent of the first-time buyers in Atlanta said they are motivated by emotional factors, compared to 58 percent who said financial factors ranked first.
Despite dissing those money matters, 87 percent of the buyers said saving for or paying off a home is important, according to Bank of America.
As for pesky millennials who are often blamed for depriving the housing market of an essential ingredient – that is, first-time home-buyers – they see the possibility of a home purchase just a little less rosily, the survey found: Three-quarters of millennials expect assistance from their parents when they buy a home.