More Renters Thinking About Buying a Home: TD Bank

An increasing number of renters are considering whether to purchase a home, according to a TD Bank survey.

About half of renters are likely to purchase a home in the next two years, TD Bank said. The reason is the rising cost of rents, Scott Haymore, head of pricing and secondary markets, said in a news release.

"With an improving job market and economy, renters are gaining more confidence in the housing market and starting to explore homeownership as a feasible option," Haymore said.

TD Bank's survey was conducted between Sept. 23 and Sept. 30 and queried 1,046 consumers.

The breaking point for when a renter will consider purchasing a home is when monthly rent payments pass $1,100, TD Bank said. Average monthly rental payments have increased by about $300 over the past two years.

Even so, about 48% of the survey's respondents said they're worried about the affordability of buying a home and 51% said they haven't saved enough.

In a separate TD Bank survey, about 42% of Hispanic consumers, not limited to renters, said they're likely to purchase a home in the next two years. That's higher than the 31% of the general market that said they'll buy a home in the same period.