Millionaires are optimistic that the real estate market will continue to improve over the next one to two years. In fact, close to 80%of millionaires, those with US$1-5 million of net worth, believe that the recovery will continue.
This research is based upon research conducted by Spectrem’s Millionaire Corner in April of 2013. Households that less than $100,000 of net worth are less optimistic with only 57 percent feeling confident that home prices will continue to increase.
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There are other factors influencing how investors feel about home prices.
- Men are more optimistic than women that home prices will continue to increase. Generally men are more optimistic and confident investors than women.
- Retirees are positive about home prices. More than 80 percent believe that home prices will continue to improve. Those who are still working, however, are slightly less optimistic with only 70% expressing optimism.
- Married individuals are more confident about home prices than single households at 76% vs. 65%.
- Those with higher incomes are more positive than those with lower incomes. Seventy seven percent of those with more than US$200,000 of annual income are hopeful that home prices will increase compared to 68 percent of those with income less than US$100,000.
- Younger people are more pessimistic about the housing market than older individuals. Fewer than 60%of those under age 40 expect prices to increase compared to 79% of those over age 61.
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By GlobalData
