Over half of all current renters, including 60% of those who rent a single-family home and 44% who rent an apartment, plan on becoming home owners in the next five years, according to a new national survey of renters by ORC International for Premier Property Management.
Families with three or more members (64%) and those with children under the age of 13 (69%) were more likely to enter or reenter the home ownership market. A Trulia survey late last year found most Millennials said they want to be home owners eventually.
Chris Clothier, director of sales & marketing and partner of Premier Property Management, said near term interest in becoming homeowners among single family tenants reflects the new roles single family rentals are fulfilling as a stepping stone to homeownership for first-time buyers and as a sanctuary for large numbers of families displaced by foreclosures but who plan to buy again when they can afford to do so.
The survey also found that it is not the inability to get a mortgage being claimed as the top reason for renters not becoming homeowners. For the 43% of respondents that do not anticipate becoming homeowners, 40% said they like being renters, while 39% said they do not want to be homeowners (more than one response was permitted).
The inability to get a mortgage was cited by only 29% of respondents.
By current type of occupancy, 43% of apartment dwellers do not want to be homeowners versus 33% of those renting a single-family home.