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Renters Under 50 Want To Buy A Home!

Posted by David E. DeChant on Friday, May 18th, 2018 at 9:19am.

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.

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.

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. Talk to a REDCO Agent today about your options!

 

 

 

Source: https://www.keepingcurrentmatters.com/2018/05/16/renters-under-50-want-to-buy-a-home/ 

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