Hometap-美国约7成房主感觉“有房没现金”（英文）-2019.10-24页_1020kb

Summary of Hometap 2019 Homeowner Debt Study

Core Content

The Hometap 2019 Homeownership Survey reveals a growing trend of homeowners in the U.S. feeling "house rich, cash poor," with significant stress related to homeownership and financial goals. The study surveyed nearly 700 homeowners nationally and 600 in six major cities, including Boston, Charlotte, Denver, Los Angeles, Orlando, and San Francisco, to understand the causes and regional variations of this phenomenon.

Main Findings

• National Trends:

  • 66% of homeowners feel "house rich, cash poor" at least some of the time.
  • 20% feel this way most or all of the time.
  • 57% of homeowners believe there is no obvious solution to the problem.
  • 60% expect the gap between rising house costs and stagnant wages to continue growing.
  • Homeowners cite uncertainty of future income as the top stressor, followed by home maintenance costs.

• Homeowner Debt and Financial Goals:

  • Homeowners are looking for solutions that don't create more debt (73%).
  • Top personal finance goals include:
    • Increase disposable income (66%)
    • Grow income via professional success (62%)
    • Pay off credit card debt (52%)
    • Pay for children’s college (42%)
    • Pay off student loans (36%)
    • Help children buy a home (15%)

• Millennials:

  • Born between 1980–1994, but the survey focuses on older Millennials (30–39 years old).
  • 66% of Millennials feel house rich and cash poor.
  • 42% of Millennials have paying for their children’s college as a financial goal.
  • 66% of Millennials agree that housing costs make it hard to achieve financial goals.
  • Average student loan balance among Millennials was $34,504 in 2019.
  • 66% of Millennials are concerned about future income security.

• Generation X:

  • Born between 1965–1979.
  • 65.8 million in the workforce in 2018, making them the largest working cohort.
  • 60% attended college, with 35% holding degrees.
  • Median net worth of Gen X households rose 115% since 2010.
  • Top personal finance goals include:
    • Increase disposable income (58%)
    • Pay off credit card debt (50%)
    • Grow income via professional success (40%)
    • Pay for child’s college (37%)
    • Pay off student loans (21%)
    • Help children buy home (11%)

• Baby Boomers:

  • Born between 1944–1964.
  • 29% of Boomers aged 65–72 were working or looking for work in 2018.
  • 47% more debt than in 2003 for the average 65-year-old.
  • Only 23% expect income from a private company pension plan.
  • 45% have nothing saved for retirement.
  • Average healthcare cost for 65–74-year-olds is $55,000 per year.
  • Top personal finance goals include:
    • Increase disposable income (50%)
    • Pay off credit card debt (39%)
    • Grow income via professional success (19%)
    • Start/grow business (12%)
    • Pay for child’s college (11%)
    • Help children buy home (8%)

Regional Insights

• Boston:

  • 88% believe they're building equity in their homes.
  • 74% think the gap between wages and housing costs is getting worse.
  • 81% are moderately to extremely stressed about home repair costs.
  • 81% feel house rich and cash poor.
  • Median home sale price increased by 118% from 2000 to 2018.

• Charlotte:

  • 91% believe they're building equity.
  • 74% think the wage-housing cost gap is worsening.
  • 85% are moderately to extremely stressed about home repairs.
  • 81% feel house rich and cash poor.
  • Median home sale price increased by 5.2% in the last year.

• Denver:

  • 95% believe they're building equity.
  • 82% think the wage-housing cost gap is growing.
  • 78% feel house rich and cash poor.
  • 74% are stressed about future income.
  • Median home sale price increased by 1.5% this year.

• Los Angeles:

  • 89% believe they're building equity.
  • 85% think the wage-housing cost gap is getting worse.
  • 86% are moderately to extremely stressed about home repairs.
  • 86% are stressed about future income.
  • Median home sale price increased by 5.2% in the last year.

• Orlando:

  • 87% believe they're building equity.
  • 81% think the wage-housing cost gap is growing.
  • 80% are moderately to extremely stressed about home repairs.
  • 81% are stressed about future income.
  • Median home sale price is $156,117, below the national average.

• San Francisco:

  • 89% believe they're building equity.
  • 92% think the wage-housing cost gap will get worse.
  • 84% are moderately to extremely stressed about future income.
  • 87% are moderately to extremely stressed about home repairs.
  • Median monthly mortgage payment is $3,590, a 102% increase since 2012.

Key Information

• Equity and Refinancing:

  • $6.3 trillion in home equity is accessible to homeowners while retaining 20% equity.
  • Despite this, few homeowners are refinancing due to conservative behavior and tighter lending guidelines.

• Debt and Income:

  • Wages are not keeping up with housing costs.
  • Income taxes and mortgage payments are additional stressors for homeowners.

• Future Outlook:

  • Zillow predicts a 2.2% increase in home values in the next year.
  • Home values have generally increased, but the gap between income and housing costs is a growing concern.

• Financial Advice:

  • David Weliver suggests that mortgage payments should be at or below 28% of pre-tax income.
  • Homeowners should not assume that bank approval means affordability.

Conclusion

The "house rich, cash poor" phenomenon is not limited to a single generation but is a widespread issue across Millennials, Gen X, and Baby Boomers. While homeowners feel they are building equity, the rising costs of housing and home repairs, combined with stagnant wages and uncertainty about future income, are causing significant financial stress. The study highlights the need for more flexible and accessible solutions to turn home equity into cash without increasing debt. Regional differences in job markets and home values further complicate the situation, but the overall sentiment is consistent: homeowners are struggling to balance their financial goals with the realities of homeownership.