The latest Gallup poll shows that the average American has a lot of problems, but owning a home is not one of the biggies any more.
Right now, more Americans are concerned about healthcare costs, low wages and a lack of jobs.
When it comes to the capital markets, they worry about the cost of college for their children.
But, the most striking result of the Gallup poll, explained in the chart below, is the shift in the attitude towards owning a home.
Owning a Home Half as Important As Three Years Ago
In just three short years, the number of Americans who cite the costs associated with homeownership and renting as one of their biggest financial worries, sliced firmly in half.
In 2012, a full 12% of Americans put this cost at the top of their financial worry. Now it's dropped all the way down to 6%.
Although when broken down by income, the results skew somewhat.
Below the $30k/year bracket, housing is the most important worry for 9% of the respondents. That lowers to 4% in the $30k to $75k range. But then, it jumps up to 6% for Americans making more than that.
Perhaps not surprisingly, lower-income Americans name "lack of money/cash flow" and "not enough money to pay debts" as their top most important money woes.
Find more news articles as they relate to owning a home in the Suffolk County NY Real Estate News section under Suffolk County NY Real Estate Categories to your right. And find us on Facebook and follow us on Twitter for daily updates we post there as well.
We're betting you thought lower Suffolk County NY gas prices could only mean positive things for the economy, right?
If you're in the market for a home mortgage, Suffolk County NY gas prices could be having an effect on the rate you can get.
How Suffolk County NY Gas Prices Affect Mortgage Rates
Believe it or not, oil investments and Suffolk County NY gas prices (along with lots of other things) have an indirect effect on mortgage rates.
One of the strongest predictors of mortgage rates is the yield on a 10-year Treasury note. Basically if the yield is low, so are mortgage rates. The buying of bonds can represent relative safety for oil investors, and what oil prices mean for the world's economy.
Oil prices, as well as Suffolk County NY gas prices, continues to fall in large part because there is less demand. Less demand comes via weakening economies across the globe. The lower oil prices may also disproportionately affect countries like Russia, which are already suffering from instability. All of this leads to a flight to quality, and the safe haven is almost always the U.S. Bond Market.
With Suffolk County NY gas prices dropping and no one quite sure when or where they'll stop, U.S. bonds give investors a certain comfort that the oil market isn't currently providing. (Treasury bonds will always be paid off to prevent the government from losing the confidence of its investors and creditors at home and abroad.)
The problem for these investors is that everyone has the same idea. If everyone starts buying bonds, it drives down yields because the government doesn't have to offer such a high rate of return to get people to buy. This, in turn, drives down mortgage rates.
Some economists believe the benefit to the housing market is largely indirect in the form of more consumer spending, leading to job and income growth and ultimately making it easier for people to buy homes.
It should be noted that the 10-year Treasury note only affects the base mortgage rate. A number of factors go into the actual interest rate a homebuyer can get, including their credit score, the number of points paid on the mortgage and the down payment amount.
We'll keep you informed on Suffolk County NY gas prices and how the price you pay at the pump could affect your mortgage rate. In the meantime, you can get more information about factors that control Suffolk County NY mortgage rates in our section on Suffolk County NY Mortgage Info to your right under Suffolk County NY Real Estate Categories.
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In our last video report, we took a look at how Wall Street experts and people on Main Street fared in 2014 when it came to predicting what was going to happen to the stock market, oil prices, and housing prices. In this report, let's see what the experts and a few people on the street think will happen to Suffolk County NY housing, oil and the stock market, in 2015…