Study: 84 percent of renters plan to buy

A poll by TD Bank revealed that owning a home is still very much a part of the American Dream.

According to the survey of more than 1,300 consumers, 84 percent of the younger renting generation (age 18 to 34) intend to purchase a home.

More than half of those polled responded that homeownership played a vital role in their definition of the American Dream. First-time homebuyers are more likely to cite the American Dream as a primary motivation for purchasing a home, the poll found.

Other findings include:

• Three out of 10 homeowners consider their current home their dream home
• Seventy-eight percent said they plan to stay in their current home
• Staying within budget is a top consideration among those who intend to buy (43 percent)

The survey, hosted by research company Angus Reid Public Opinion, polled 1,303 consumers from April 17 to April 25.