CHARLOTTE, N.C., March 2, 2021 /PRNewswire/ -- Most U.S. adults
say they are reconsidering the benefits of living closer to family
in light of COVID-19, according to a recent survey from
Ally Home, the direct-to-consumer
mortgage arm of Ally Bank.
The results of a January 2021
survey of 2,000+ U.S. adults aged 18 and over show 67% of Americans
wish they lived closer to family – a significant shift from the
original survey conducted in April
2019, when only 27% of respondents said they wanted to live
within a 45-minute drive to family.
Pandemic protocols have made dropping by to visit a family
member more challenging. While video chat services have helped
people stay in touch, 61% of Americans say it is still very
difficult being unable to see their family members in person. Most
respondents believe the pandemic would be more bearable if they
lived closer to family. In particular, 71% of millennials and 64%
of Generation X say they are struggling with only seeing family
virtually.
But while most respondents say it would be nice to be closer to
family, many also still desire their personal space – particularly
now that the lines between work, school and home are blurred due to
the pandemic. Forty-three percent of respondents say family members
should not live close enough to just "pop in and say hi," up from
37% who felt this way according to the April
2019 survey.
"The pandemic has changed our lives in so many ways,
particularly in keeping families apart for extended periods of
time," says Glenn Brunker, president
of Ally Home. "Priorities have
shifted for many Americans who now desire to live closer to their
families, and finding their next home may be challenging in today's
real estate environment. It's important for consumers to do their
homework upfront before starting their home search to understand
the process and requirements."
While today's low mortgage rates make homeownership more
affordable, they also make it more competitive with low inventory
and rising home prices in many popular U.S. housing markets. In
this seller's market, buyers can prepare themselves for success
with three simple strategies:
- Understanding in advance how much home they can afford using
free online calculators offered on many lender's websites.
- Educating themselves on the home buying process, including what
criteria lenders will evaluate, including credit scores, employment
history and income.
- Working with a digital-first lender that executes much of the
mortgage process online so buyers can act quickly once they find
the home of their dreams.
"The homebuying process can feel like a huge undertaking,"
Brunker says. "Preparation and a trusted lending partner that
provides counsel in the borrower's best interest can help consumers
secure the right loan for their financial situation and make the
process smoother."
Other survey findings include:
I Want You Close...
- Two-thirds of Americans (67%) say as the pandemic continues,
they wish they lived closer to family.
- Not surprisingly, with work and school now largely taking place
at home, survey data shows parents with children wish to be closer
to extended family than those without (76%).
- Three in 10 Americans have thought about moving closer to
family since the start of the pandemic.
...But Not Too Close
- More than half of Americans (55%) agree while they miss their
family, they don't think they could live with them, or live too
close.
- Generation Z (43%), millennials (49%) and Gen Xers (48%) are
more likely than baby boomers (33%) to say family should not live
close enough for them to just pop-in and say hi.
- Men (66%) are more likely than women (56%) to say there should
be some driving distance between them and their
parents/in-laws.
Fewer Frequent Flyers
- Since the pandemic began, 61% of Americans have canceled trips
to see family.
- Those in the Northeast (68%) are more likely than those in the
South (60%), Midwest (61%), and West (59%) to say they have
canceled trips.
Face-to-Face Time Beats Video Chat Every Time
- Three in five Americans (61%) say that while video chat has
helped, not seeing their close family in person has been very
hard.
- Out of those, millennials (71%) and Gen Xers (64%) report
struggling the most with only being able to see family
virtually.
This online survey was conducted by Regina Corso Consulting on
behalf of Ally Financial between Jan.13 and 17, 2021, among 2,054
U.S. adults, aged 18 and older. Figures for age, gender, education,
income, employment and region were weighted to bring them into line
with their actual proportions in the population. Because the sample
is based on those who agreed to participate, no estimates of
sampling error can be calculated.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital
financial-services company with $182.2
billion in assets as of December 31,
2020. As a customer-centric company with passionate customer
service and innovative financial solutions, we are relentlessly
focused on "Doing it Right" and being a trusted financial-services
provider to our consumer, commercial, and corporate customers. We
are one of the largest full-service automotive-finance operations
in the country and offer a wide range of financial services and
insurance products to automotive dealerships and consumers. Our
award-winning online bank (Ally
Bank, Member FDIC and Equal Housing Lender) offers mortgage
lending, personal lending, and a variety of deposit and other
banking products, including savings, money-market, and checking
accounts, certificates of deposit (CDs), and individual retirement
accounts (IRAs). Additionally, we offer securities-brokerage and
investment-advisory services through Ally Invest. Our robust
corporate finance business offers capital for equity sponsors and
middle-market companies.
For more information and disclosures about Ally, visit
https://www.ally.com/#disclosures.
Contact:
Marisa Bazemore
Ally Public Relations
Marisa.Bazemore@ally.com
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SOURCE Ally Financial