Cleveland-headquartered KeyBank (NYSE: KEY) has debuted its Fair Housing Month poll, which surveyed 1,000 homeowners in households earning less than $75,000 annually regarding their homebuying and lending experiences.
The inaugural poll found that nearly one-third (31%) of respondents did not seek out any information or resources on homebuyer assistance programs. Less than half (47%) of homeowners surveyed who purchased their homes in the past five years felt confident they received a fair market value price, while nearly one-third (30%) of homeowners surveyed said they were unsure whether they had an unfair experience when buying a home.
Furthermore, over one-third of homeowners surveyed listed location (38%) and home price (37%) as their top financial factors when deciding to purchase their homes in the past five years. The survey was conducted from Feb. 14-15 and its results are based on a random national survey of 1,014 respondents.
“When it comes to buying a home, there are many factors to consider – the largest being, can I afford it, and will I get a fair chance,” said Victor Alexander, head of KeyBank’s Consumer Bank. “Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process and may not be aware of all their bank can do to assist them. We work hard to help our clients understand the tools, resources and home lending offerings that can empower them to affordable home ownership. Owning a home is a foundational step to building generational wealth and we are committed to helping our clients achieve their dream of home ownership and move forward on their financial journey.”
Separately, KeyBank is observing April’s Fair Housing Month by expanding its Special Purpose Credit Programs for qualifying properties in eligible communities. The bank has introduced the Key Opportunities Home Equity Loan and the expansion of the KeyBank Home Buyer Credit to up to $5,000 in value. This follows the bank’s commitment to invest more than $25 million in grants, fee waivers, and marketing over five years to increase mortgage lending in majority-minority neighborhoods, as well as more than $1 million to homebuyer education and other community support.
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