Operation HOPE Releases Third Quarter Research Results Showing More Positive Outlook on Homeownership

Additional Findings Show Respondents Continue to be Most Impacted by the Cost of Everyday Goods, yet Maintain a Sense of Optimism for Improvement in their own Financial Situations in the Year Ahead

Operation HOPE, a national nonprofit dedicated to helping low- and moderate-income Americans thrive in an ever-changing economy, today announced the third quarter 2024 results of The HOPE Insider, a comprehensive nationwide client survey. This quarter’s survey showed that respondents are more hopeful than last quarter about the affordability of homeownership and are overall hopeful that their financial well-being will increase over the next year.

Key Third Quarter 2024 Findings:

Respondents believe homeownership is still an attainable part of the American Dream

• Almost two-thirds (64%) of respondents say they believe homeownership is still an attainable part of the American Dream.
• There has been a decrease during 2024 among those who say they “considered purchasing a home but found it unaffordable” (from 43% to 36%).
  • For those considering purchasing a home, the two biggest barriers are home prices (34%), and not enough money saved for the downpayment (30%).
• Half of respondents say they are “somewhat hopeful” or “very hopeful” that housing prices in their community will allow for greater homeownership over the next year, an increase from 42% last quarter.

Cost of housing is slowing down as a personal financial stressor

• Respondents who say that “cost of housing” is the most impactful factor in their lives has deceased by 7% since the beginning of the year (from 28% to 21%).
• “Costs of everyday goods” and “rising debt levels” continue to outweigh housing as the biggest stressors, at 38% and 28% respectively.
• When looking toward the next three months, this trend follows suit: “cost of housing” as the biggest concern has decreased 8% (to 24%) since the beginning of the year.

Despite uncertainty about the broader financial outlook on a national level, individual hope is continuing to trend

• Barely a quarter of respondents (24%) report they believe there will be “good times” ahead financially and almost half say they are unsure (49%).
• Despite this economic uncertainty, more respondents now than in the beginning of the year say they are somewhat or very hopeful that their own financial well-being will increase over the next 12 months, from 79% to 84%.

Respondents who say they are doing better financially than a year ago are evenly split with those who aren’t

• 35% of respondents reported being better off financially than they were a year ago, whereas 35% said they are worse off.
• Fewer respondents from last quarter say their personal debt levels have increased over the last three months (48% this quarter, down from 53% last quarter).
• Almost three-fourths of respondents still consider themselves or their families to be living "paycheck-to-paycheck," meaning that they are not able to save money or plan for the future (74%).

Credit card debt still seen as most financially stressful factor in their lives

• Credit card debt continues to be reported as the most burdensome debt by far, at 35%, with the next being student loans, coming in at 15%.
• Auto loans and mortgages are tied for 11%, with personal loans closely following at 10%.

Operation HOPE Client Impact

The high percentage of respondents reporting that they felt optimistic about their personal financial future despite current challenges and concerns about the broader economy demonstrates the value of the financial wellness coaching and support they receive from Operation HOPE. This optimism is reflected in HOPE’s year-to-date 2024 impact report, showing that through Operation HOPE’s services, clients have experienced an average increase of 40 points in credit scores (of those who saw improvement), a median decrease in debt of $1,934, and a median increase in savings of $1,145.

About The Hope Insider

The HOPE Insider survey has been conducted quarterly by Operation HOPE’s research team since November of last year. This latest survey, which took place from September 11 to September 22, 2024, was sent to Operation HOPE’s client base of adults, small business owners, and entrepreneurs who have sought the organization’s financial wellness services. More than 1,000 Operation HOPE clients responded, providing key insights into American financial sentiment relating to housing, debt, small business ownership, work and general economic optimism, as Americans navigate the complex challenges of the current economic climate. The survey features a diverse representative set with respondents from all adult age ranges, ethnicities, genders, and household incomes across the U.S. The quarterly survey tracks overall trends, with additional questions to reflect timely issues. Its goal is to gather a broad-based understanding of the sentiment of Operation HOPE clients on a regular basis to better support their needs and to serve as an indicator of the real-time financial and economic concerns of the American public.

About Operation HOPE, Inc.

Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook, Instagram or LinkedIn.

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