Renters Under 50 Want to Buy a Home!

Renters Under 50 Want to Buy a Home! | Simplifying The Market

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.

Renters Under 50 Want to Buy a Home! | Simplifying The Market

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.

Renters Under 50 Want to Buy a Home! | Simplifying The Market

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.

By |2018-05-16T04:00:12+00:00May 16th, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Millennials, Rent vs. Buy|Comments Off on Renters Under 50 Want to Buy a Home!

About the Author:

I am proud to have 25 years of experience as a Small Business Owner, Corporate Executive and Real Estate Investor. I am a native Idahoan and started my real estate career in 1991 working in title insurance, market development and lending programs in the Treasure Valley. I founded my own small business and later joined private industry with a focus on commercial facility management and construction. My career grew into leadership roles with responsibility for contract and real estate management, client negotiation, relocation, investment plan administration, project management, risk management and ethics. Most recently, I have joined the long-standing family real estate business, partnering with my mom (Shirley Hicks) as a second generation Real Estate Entrepreneur to do what I love. I’m passionate about assisting first time home buyers in their journey to achieve home ownership, partnering with seasoned home owners to facilitate buying and selling residential property and working with investors to augment their portfolios with real estate. Turning a house into a home and a place into a community is a benefit like none other. I Look forward to our paths crossing for all of your future real estate needs.