NAR: Renters Say They Want to Own a Home #realestate #homeownership #investment

Source:  Housing Wire

About 75 percent of current non-homeowners say they would like to own a home one day, and consider it as part of the American Dream, according to the quarterly Housing Opportunities and Market Experience survey from the National Association of Realtors.

However, the reasons why they want to buy a home, or more specifically, one major reason that isn't a factor in their decision, might come as a surprise.

MAKING SENSE OF THE STORY:

- Trulia's latest rental analysis shows median rent increased 3.1 percent in 2017 with much higher increases experienced in key major metro areas.  And over the past year, much attention has been given to the rising affordability issues in the rental market.  However, this was not a factor in renters wanting to move into homeownership.

- About 24 percent to 32 percent of respondents each quarter answered that their main reason for buying a home in the future would be a change in lifestyle such as getting married, starting a family or retiring.

- 26 percent to 30 percent of respondents, said an improvement in their financial situation would cause them to buy a home, followed by the desire to settle down, with 12 percent to 16 percent each quarter.

- The share of non-owners who said now is not a good time to buy a home fell from its all-time high of 62 percent in the third quarter to 58 percent at the end of the year.

- Renters do expect their rent to increase this year, about 51 percent answered they expected it will, however it is simply not enough to spur any action.  Only 15 percent of renters said they would consider purchasing a home due to these increases.  About 42 percent of respondents said they will still resign their lease, and another 25 percent will move to a cheaper rental.

Check out the full story here:
https://www.housingwire.com/articles/42471-nar-renters-say-they-want-to-own-a-home

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