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Share Name | Share Symbol | Market | Type |
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Discover Financial Services | NYSE:DFS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.75 | 2.74% | 140.81 | 141.95 | 136.74 | 137.00 | 2,125,987 | 23:34:42 |
Older millennials, ages 30-34, who own a home are twice as likely as baby boomers, ages 55-64, to take out a home equity loan, according to a survey commissioned by Discover Home Equity Loans.
The survey reveals that of the 64 percent of older millennials who own a home, 51 percent have used a home equity loan, compared to only 26 percent of baby boomers who own a home.
“Homeowners who have built equity in their homes have the opportunity to leverage their financial asset to help them pay down debt, update their home or pay for major expenses,” said TJ Freeborn, director of operations strategy for Discover Home Equity Loans. “Home equity loans are a viable option homeowners may want to consider, especially because they offer perks like a fixed rate for the life of the loan and the potential for the interest to be tax deductible.”
Older millennials and boomers view the purpose of their homes differently. Millennials are more likely than boomers to use their home as a financial asset by selling it to make money (27 percent vs. 13 percent). While a quarter of older millennials see their home as an investment property, just seven percent of baby boomers feel the same way.
Additional survey findings include:
About the Survey
The national survey of 1,428 consumers was commissioned by Discover Home Equity Loans and conducted by Toluna, an independent survey research firm, between March 21 - 23, 2016. The maximum margin of sampling error was ±5 percentage points with a 95 percent level of confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company.
National Survey of 1,428 Adults Conducted March 21-March 23, 2016 By Toluna Margin of Sampling Error, +/- 5 percentage points with a 95% level of confidence Commissioned by Discover Home Equity LoansDo you own or rent your home? (Select one)
Total(Qualify: 30+ owned home for 3+ years)
Which age range do you fall within? (Select one)
30-34 35-44 45-54 55-64 65 and over Own 66.41% 64.14% 62.87% 63.60% 69.33% 79.51% Rent 29.48% 31.17% 31.44% 32.80% 27.56% 18.73% Other 4.11% 4.68% 5.69% 3.60% 3.11% 1.77%Now that you've been in your home for a few years, which of the following describes how you perceive your home now? (Select all that apply)
Total(Qualify: 30+ owned home for 3+ years)
Which age range do you fall within? (Select one)
30-34 35-44 45-54 55-64 65 and over It is an investment property 11.76% 24.73% 10.36% 10.10% 7.29% 5.69% I am emotionally attached to it 29.97% 29.82% 27.17% 27.61% 31.94% 35.55% It is just a temporary residence 8.33% 20.00% 9.80% 5.05% 4.51% 0.47% I plan to live in it for many years 43.91% 34.91% 36.13% 48.82% 47.22% 57.35% I am excited to make lasting memories in my home 28.36% 30.18% 26.33% 31.99% 29.51% 22.75% It is a starter home until I need to expand 10.71% 25.09% 17.37% 5.39% 1.74% 0.47% I don't love it, but it is what I can afford at this time 13.31% 18.55% 17.93% 12.46% 9.03% 5.69% I imagine my grandchildren visiting me here one day 18.14% 22.91% 15.13% 16.84% 19.79% 16.59% It is a house that needs many upgrades 20.80% 24.00% 22.13% 21.21% 21.53% 12.80% It is a house I plan to sell to make money 15.13% 26.55% 15.97% 8.42% 12.50% 11.85% None of these fit how I view my home 5.81% 2.55% 4.20% 6.06% 8.33% 9.00%Which of the following people and resources do you turn to for learning more about the value of your home? (Select all that apply)
Total(Qualify: 30+ owned home for 3+ years)
Which age range do you fall within? (Select one) 30-34 35-44 45-54 55-64 65 and over Realtor 41.60% 36.73% 36.69% 40.74% 48.26% 48.34% Banker 22.62% 32.73% 23.25% 19.53% 22.22% 13.27% Financial advisor 18.49% 37.82% 23.25% 10.10% 9.72% 9.00% Friend/family 23.81% 38.91% 29.69% 18.52% 15.97% 12.32% Print media (newspapers, magazines, etc.) 12.25% 20.36% 13.73% 7.07% 7.29% 13.27% Online (bank, financial, or real estate websites) 28.78% 33.82% 34.73% 25.93% 25.35% 20.85% Online media (newspapers, magazines, etc.) 14.01% 27.27% 16.81% 9.09% 8.33% 6.64% Other 9.17% 6.55% 6.16% 14.14% 9.72% 9.95% None of these 13.94% 4.36% 12.04% 18.18% 15.62% 21.33%Have you ever taken a home equity loan against your home? (Select one)
Total(Qualify: 30+ owned home for 3+ years)
Which age range do you fall within? (Select one) 30-34 35-44 45-54 55-64 65 and over Yes 29.83% 51.27% 29.41% 19.87% 25.69% 22.27% No 67.51% 43.64% 66.67% 77.78% 73.61% 77.25% Not sure 2.66% 5.09% 3.92% 2.36% 0.69% 0.47%How have you used a home equity loan? (Select all that apply)
Total(Qualify: 30+ owned home for 3+ years)
Which age range do you fall within? (Select one) 30-34 35-44 45-54 55-64 65 and over Debt consolidation 36.15% 30.50% 39.05% 52.54% 36.49% 25.53% Home remodel 45.07% 41.13% 45.71% 44.07% 55.41% 40.43% Pay off student debt 15.02% 26.24% 19.05% 3.39% 5.41% 2.13% Emergency cash 27.23% 41.84% 29.52% 16.95% 13.51% 12.77% Vacation 25.12% 43.26% 32.38% 10.17% 4.05% 6.38% Wedding 17.37% 31.21% 19.05% 13.56% 1.35% 2.13% Medical expenses 22.07% 36.17% 25.71% 13.56% 5.41% 8.51% Other 14.32% 3.55% 3.81% 27.12% 22.97% 40.43%
View source version on businesswire.com: http://www.businesswire.com/news/home/20160824005229/en/
DiscoverRob Weiss224-405-6304robertweiss@discover.com@Discover_News
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