The number of Americans who prefer to rent a home has declined as Americans would rather own now than in past years, according to a survey from the National Association of Realtors.
Out of 2,000 adults polled nationwide, eight in 10 believe
Since NAR conducted its last survey two years ago measuring consumers’ attitudes and concerns about housing opportunities, more renters are now thinking about purchasing a home, up from 25% to 36%, while those who would prefer to rent fell from 31% to 25%.
Furthermore, half of the renters said that eventually becoming a homeowner is one of their highest priorities for the future. Helping the cause is that many respondents are less concerned about foreclosures now than in 2011, when 47% characterized distressed properties as “very” or a “fairly big problem.” Today, only 29% say this is an issue.
When asked why homeownership is important, respondents said they wanted to build equity, have a stable and safe environment, and the freedom to choose where to live.
“Due to
For many Americans, the perceived obstacles to homeownership remain unchanged over the years: low wages, student loan debt, and little savings for a downpayment and closing costs continue to make it difficult for many to become homeowners, in particularly first-time buyers.
“Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a downpayment,” Thomas stated. “Pending mortgage finance regulations requiring higher downpayments could also contribute to the already tight lending environment.”
