Renters Under 50 Want to Buy a Home!
Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.
One of the many questions asked in the housing section of the survey was:
Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?
Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.
When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.
Bottom Line
Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive.
FREE buyers and sellers guides (updated every Spring/Summer/Fall/Winter) with tips for preparing your home for sale, getting your credit in order, and what to expect. Download for FREE. Also, over 500+ blog posts with market data, simple easy-to-understand tips, financial guides, and more. See it here by Clicking HERE. Then click either "Buying?" or "Selling?" at the top of the page.
Website available in English and Spanish.