A substantial percentage of consumers who are becoming new renters are actually still in the market to purchase a home, according to a survey conducted by Relocation.com.
Sharon Asher, Relocation.com chairman, said the survey findings suggest that more Americans are getting ready to reenter the housing market this year.
Of the 60% of individuals moving into rental properties, 24% are previous homeowners who are renting temporarily while looking for a new, more desirable home to buy.
Foreclosure was not the reason these former homeowners elected to rent.
The survey found that the number of people who moved due to foreclosure dropped by 70%.
In addition, one-third of those moving stayed in the area they were familiar with, where they knew schools, shopping and prime neighborhoods.
