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Is Homeowner Debt Getting Worse?A LOOK INSIDE THE HOUSE-RICH, CASH-POOR PHENOMENONHometap 2019 Study Table of ContentsHometap | Is Homeowner Debt Getting Worse? 2Introduction .3About the Research .4Executive Summary .5Generations Align .6Millennials .11Generation X . 13Baby Boomers .14City Views . 15Boston .16Charlotte . 17Denver . 18Orlando .19Los Angeles . 20San Francisco . 21Conclusion . 22References . 23About Hometap . 24Is Homeowner Debt Getting Worse? The cost of homeownership across the United States continues to soar at a faster rate than most incomes, pushing the goal of owning a home further out of reach for some, and the goal of staying on top of monthly mortgage paymentswhile achieving other financial goalsa growing challenge for others. Millennials are often pointed to as the generation most affected by this trend. Headlines emphasize the growing tendency of 25-to-38-year-olds leaving the nest later than ever and renting over owning. Housing costs and fluctuating mortgage rates are partially to blame, but it got us thinkingis this a generational problem? At Hometap, we got the sense from prospective customers that stress related to homeownership is a nationwide issue that doesnt discriminate, though the cause of that stress may differ by age and region. We surveyed nearly 700 homeowners nationwide in June 2019 to determine where this stress derives from, why, and how (if at all) it differs generationally. We conducted a secondary study of 600 homeowners across six major cities, asking the same set of questions, to then determine if the debt stress felt across generations had any regional implications. We surveyed one hundred homeowners from each of the following cities: Boston, Charlotte, Los Angeles, Denver, Orlando, and San Francisco. Hometap | Is Homeowner Debt Getting Worse? 3Hometap | Is Homeowner Debt Getting Worse? 4About the ResearchLength of Time in HomeCurrent Home ValueIn the initial survey, 675 participants, all United States residents between the ages of 30-75 years old, were presented with questions about their financial standing, home type, and goals. All are homeowners with an income of $25,000-500,000. LESS THAN 250K $250-399K $400-599K $600-849K$850K-1M $1M-2M $2M OR MORE 29%24%29%18%Less than 3 years3-7 years8-15 years15 years or more29%24%29%18%Less than 3 years3-7 years8-15 years15 years or more48%2% 1% 1%31% 13% 6%5Executive Summary of homeowners nationally feel “house rich, cash poor” at least some of the time; 1 in 5 homeowners feel this way most or all of the time. of homeowners agree there isnt an obvious solution to alleviate the “house-rich, cash-poor” problem.of homeowners are looking for solutions that dont create more debt. of homeowners expect the gap between rising house costs older and physically-challenged homeowners may shell out the extra cash to have their driveway shoveled as it becomes a more challenging task. And then theres home size, age, features such as a pool, and other considerations to factor in. When we add all of these factors togethermaintenance costs, mortgage rates, loans and other costswe can start see exactly how this “house rich, cash poor” feeling might generate among todays homeowners. “This study from Hometap makes clear that homeowners think theres a problematic gap between housing costs and income,” says Jeremy Sicklick, CEO of HouseCanary, “but what homeowners need to keep in mind is that on average, home values tend to increase steadily across the U.S. It seems likely that homeowners will start to see their properties as usable financial assets that allow them to be more authoritative in managing their financial situations.”DID YOU KNOW?Total pool upkeep costs run $3,000 to $5,000 per year, which includes maintenance, minor repairs, electricity, and water. iHOME REPAIRS/RENOVATIONS | 38% PAY OFF CREDIT CARD DEBT | 19% PAY OFF/DOWN FIRST MORTGAGE | 11%OTHER | 11% BUY SECOND PROPERTY | 10%PAY TUITION/STUDENT DEBT | 7% INVEST IN SMALL BUSINESS | 5%How would homeowners use funds if they could tap into home equity (*ranked)?Hometap | Is Homeowner Debt Getting Worse?Homeowners will start to see their properties as usable financial assets that allow them to be more authoritative in managing their financial situations.- Jeremy Sicklick, CEO of HouseCanary“
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