Hometap-美国约7成房主感觉“有房没现金”（英文）-2019.10-24页_1mb

Homeowner Debt Summary: Hometap 2019 Study

Core Content

This report from Hometap explores the growing financial stress among homeowners in the U.S., particularly the "house rich, cash poor" phenomenon. It highlights the challenges faced by different generations and regions in managing homeownership costs while trying to achieve other financial goals.

Main Findings

• National Trends:

  • 66% of homeowners feel "house rich, cash poor" at least some of the time.
  • 1 in 5 (20%) feel this way most or all of the time.
  • The primary stressors are uncertainty of future income and home maintenance costs.
  • 77% of homeowners believe the gap between rising house costs and stagnant wages will continue to grow.
  • 60% of homeowners expect to use home equity for home repairs/renovations, pay off credit card debt, and other purposes.

• Homeowner Debt and Financial Goals:

  • The most common financial goals are increasing disposable income, growing income through professional success, and paying off credit card debt.
  • Paying for children's college and helping children buy homes are also significant financial concerns.
  • Many homeowners feel that there are no good options to convert home equity into cash, with only 17% disagreeing.

• Millennials:

  • Born between 1980 and 1994, they are more likely to move back in with parents after college and skip starter homes.
  • 66% of millennials have an average income of $34,430.
  • 42% of millennials list paying for children's college as a financial goal.
  • 60% of millennials believe housing costs make it hard to achieve financial goals.

• Generation X:

  • Born between 1965 and 1979, they are the largest working cohort, with an average income of $50,400.
  • 60% attended college, and 35% hold degrees.
  • They experienced significant financial setbacks during the 2008 crash but have bounced back better than Baby Boomers.
  • Their top concerns are future income security, home repair costs, and property taxes.

• Baby Boomers:

  • Born between 1946 and 1964, many are delaying retirement due to financial stress.
  • 29% of Boomers aged 65–72 were working or looking for work in 2018.
  • The average 65-year-old has 47% more debt than in 2003.
  • Only 23% expect income from a private company pension plan.
  • 45% of Boomers have nothing saved for retirement.
  • Healthcare costs, averaging $55,000 per year for 65–74-year-olds, are a major concern.

Regional Insights

• Boston:

  • The 5th most expensive city for mortgages ($1,333 average) and 5th for home maintenance costs ($17,461).
  • 81% of homeowners feel moderately to extremely stressed about home repair costs.
  • 73% feel the gap between wages and housing costs is getting worse.
  • 88% believe they are building equity, higher than the national average.

• Charlotte:

  • 91% of homeowners believe they are building equity.
  • 74% feel the wage-housing cost gap is worsening.
  • 80% are moderately to extremely stressed about future income security.
  • 81% feel house rich and cash poor.

• Denver:

  • 95% of homeowners believe they are building equity, the highest of any city surveyed.
  • 78% feel house rich and cash poor, with 22% feeling this way most or all of the time.
  • The city has the lowest percentage (4%) of homeowners who feel they have no good options for turning equity into cash.

• Los Angeles:

  • 86% of homeowners are moderately to extremely stressed about home repair costs.
  • 85% believe the wage-housing cost gap is getting worse.
  • 80% feel housing costs are rising faster than income.
  • 89% of homeowners believe they are building equity.

• Orlando:

  • Florida ranks in the top ten for income-to-mortgage ratios (15.53%).
  • 80% of homeowners are moderately to extremely stressed about home repair costs.
  • 81% are stressed about future income security.
  • 87% believe they are building equity.

• San Francisco:

  • One of the most expensive cities to live in, with a median mortgage payment of $3,590.
  • 89% of homeowners believe they are building equity.
  • 92% feel the wage-housing cost gap will worsen.
  • 87% are moderately to extremely stressed about home repair costs.

Key Quotes

• "We knew there were pockets of homeowners who felt house rich, cash poor—we see that every day in our work—but were surprised to find that one in five feel that way so often." – Jeffrey Glass, CEO of Hometap
• "I think you're seeing more conservative behavior on behalf of homeowners as folks have the remembrance of the financial crisis in the rearview mirror." – Andy Walden, Black Knight via NBC
• "Don't just assume that just because the bank approved it, you can afford it. They are two very different things." – David Weliver, Moneyunder30

Conclusion

The report underscores that homeownership debt and financial stress are widespread across generations and regions. Despite rising home values and equity, many homeowners are still struggling with income uncertainty, maintenance costs, and affordability issues. The findings suggest a national trend of homeowners feeling overburdened by housing expenses, with regional variations in the intensity of these concerns. The report also highlights the need for better financial solutions that allow homeowners to access equity without increasing debt.