Homeownership, long considered part of the American Dream, continues to have mass appeal but with a slightly more practical angle, according to a survey released Tuesday by the Texas Trust Credit Union, one of the largest credit unions in North Texas.

The survey “spotlights a more pragmatic and less idealized vision of home ownership,” according to a press release from Texas Trust.

A large majority – 83 percent – of non-homeowners revealed a desire to purchase a home “either this year or within the next five years.”

While 22 percent said their desire is driven by emotion, such as personal pride, the majority cited financial reasons as their motivation.

Thirty-four percent said they believe owning is more financially advantageous than renting. Another 28 percent view home ownership as “an investment in their family’s financial future.”

While 7 percent cite the home loan interest tax deduction as a motivator, the majority of homeowners interested in purchasing a second home said its elimination would not alter their interest.

However, 8 percent said it was important enough that they would not be interesting in purchasing if the tax deduction is no longer available.

Texas Trust also asked current renters interested in homeownership how they would define an affordable down payment on a home. A 77 percent majority feel a down payment of no more than five percent of the home value is affordable.

Current homeowners were more tolerant of higher down payments. About 48 percent fell into the category of defining affordable by up to five percent of the home value.

Twenty-six percent felt 10 percent was reasonable, and 23 percent felt a 20 percent or more down payment was affordable.

While varying on their view of a reasonable down payment, renters and current homeowners came together on another issue: the importance of having a personal relationship with their mortgage holder.

All together, 82 percent of survey respondents said a relationship with their mortgage holder was “very important or at least somewhat important.”

“When you consider that home ownership is viewed as a financial investment, it is no surprise that consumers view the relationship with their mortgage holder as highly important,” said Richard Whitman, VP of mortgage lending at Texas Trust Credit Union.