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PITTSBURGH, Dec. 24 (UPI) -- The majority of wealthy U.S. adults remain optimistic that their homes will continue to appreciate in value, a survey finds.
The PNC Financial Services Group, Inc., says 65 percent of those surveyed said they expect to see double-digit increases in the value of their primary homes over the next five years, with 31 percent anticipating an increase of 20 percent or more.
"Our findings indicate that many among the wealthy will not believe there is a real estate slowdown until they see it reflected in their property values, especially in regions of the country where prices have skyrocketed during the past five years," said Nicholas Buss, senior vice president and PNC's real estate economist. "As an investment, real estate has been an increasingly dominant asset class over the past five years."
The survey was conducted by Harris Interactive of 1,485 adults with annual incomes of $150,000 or above.
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