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Financial service company Bankrate surveyed 1,015 people nationwide from June 25 to June 30, 2019, to determine its results. The survey found 31 percent of respondents would invest money they didn’t need for more than ten years in real estate. Stocks came in second at 20 percent followed by cash investments with 19 percent, gold and precious metals with 11 percent and bonds at 7 percent. At the bottom of the list was none at 5 percent and bitcoin or cryptocurrency at 4 percent.
Bankrate noted this was the “best showing” for real estate in the seven years since they started conducting the survey. In 2018, stocks were Americans’ favorite investment.
Millennials were among the highest surveyed that would invest in real estate among all the other age groups. Real estate was the most popular investment among all generations, the survey noted. Some 36 percent of millennials would turn to real estate for a long term investment while 30 percent of baby boomers would follow the same path.
“Millennials are higher on real estate than any other age group, have cooled a bit on cash, and still aren’t keen on the stock market when investing for more than ten years,” Greg McBride, Bankrate’s chief financial analyst, said in a statement.
Stocks were the most popular for those who earned an income of at least $50,000, the survey found. Those in lower-income households preferred cash investments and gold.
Meanwhile, cryptocurrency and bitcoin were the most popular for younger generations. About 9 percent of millennials chose cryptocurrencies as their preferred long-term investment.
The survey also found 40 percent of those surveyed would most likely put their money in saving account if the Federal Reserve cut interest rates. Meanwhile, 33 percent said they would invest in the stock market if interest rates were cut.