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Eave Survey Uncovers 81 Percent Believe the American Dream is on Life Support

January 16, 2019

SAN FRANCISCO--(BUSINESS WIRE)--Jan 16, 2019--Eave, Inc., a digital mortgage startup, today announced findings from its Homebuyer Sentiments Survey, revealing Americans’ biggest barriers to homeownership and what they are willing to sacrifice to make buying a home possible. In tandem, Eave also announced and expansion of its mortgage suite, to financing for home values beginning at $32,000 and up to $20 million for California and Colorado homebuyers.

Conducted by Atomik Research, the findings confirm Americans are still in a dark place when it comes to home buying and financing. Despite a decade having passed since the housing market crash, neither time nor new service offerings have made a difference. More than a quarter (26 percent) of respondents don’t trust big banks since the housing crash of 2008, and close to a third (32 percent) say they have no familiarity at all of the available mortgage lending options.

Affordability isn’t the only reason for Americans’ dark sentiments. The survey reveals that home ownership is increasingly unrealistic even for those who can afford it. 33 percent said the process is too stressful and 72 percent said it should be easier. Meanwhile, 20 percent of respondents said they could afford a home, but their finances were too complex for them to believe they could secure a mortgage.

The mortgage industry isn’t alone. When thinking about the current state of the nation and the economy over the last 20 years, 37 percent claim the Millennial generation has had the most negative effect on the housing market. Interestingly, 44 percent of Millennials also agree that their generation is to blame.

“Eave is fundamentally changing the way people use home financing to win their home. Using our balance of smarter technology and talented people, Eave gives power back to homebuyers,” said Jack McCambridge, CEO and co-founder of Eave. “Everything we do starts with our customers. Eave is putting back certainty, confidence, and joy into homebuying and home financing.”

Homebuying: Hate or Trust the Process?

1 in 5 (21 percent) believe the home financing process is completely broken. 48 percent believe traditional mortgage lenders will not treat them fairly and 41 percent do not want to interact with a with a mortgage lending company/banker when buying a new home. 15 percent would rather break a bone than go through the home buying process. When asked what they would give up to make the home buying process less miserable: 26 percent said they would give up their favorite vice (booze, smoking, dessert, etc.)Close to 1 in 10 (9 percent) would shave one year off their lifespan.5 percent would give up their first born.

Homebuying and Relationships:

38 percent said they are likely to buy a home with someone they are not married or in long term committed relationship. When asked to rank life events according to importance, respondents rank homebuying (#3) ahead of having children (#4), but behind graduating from college (#1) and getting married (#2). Close to half (48 percent) wish finding a dating partner also required a pre-approval letter, just like getting a loan for buying a home.

Research Methodology:

Eave commissioned Atomik Research to run an online survey of 2,002 adults in the United States. The margin of error fell within +/- 2 percentage points with a confidence interval of 95 percent. The fieldwork took place between December 17 and 19, 2018. Atomik Research is an independent creative market research agency.

About Eave:

Eave, Inc., is a digital mortgage startup founded in 2015, with headquarters in Brooklyn, NY and Walnut Creek, CA. Eave services Colorado and California homebuyers with financing for home values beginning at $32,000 and up to $20 million. Eave provides a world-class concierge experience, 30-minute application process, guaranteed 21-day close and low interest rates. Homebuyers are fully financially underwritten in just 24 hours. Backed by leading venture capital firms Bessemer Venture Partners and Two Sigma Ventures, Eave puts certainty, confidence, and joy back into homebuying.

For more information, visit Eave. Connect on our Blog, Facebook, Twitter and LinkedIn

View source version on businesswire.com:https://www.businesswire.com/news/home/20190116005226/en/

CONTACT: Sarah Duckett

Head of Communications

415-519-4161

sarah@helloeave.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY INTERNET PROFESSIONAL SERVICES FINANCE COMMUNICATIONS MARKETING CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER FAMILY

SOURCE: Eave, Inc.

Copyright Business Wire 2019.

PUB: 01/16/2019 10:30 AM/DISC: 01/16/2019 10:30 AM

http://www.businesswire.com/news/home/20190116005226/en

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