Compare Listings

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.

Powered by WPeMatico

img

admin

Related posts

What Credit Score Do You Need To Buy A House?

There are many misconceptions about the credit score needed to buy a house. Recently, it was...

Continue reading
by admin

Want To Increase Your Family’s Wealth? Here’s How!

Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage...

Continue reading
by admin

Don’t Let Your Luck Run Out! Buy A Home This Spring [INFOGRAPHIC]

Some Highlights: Interest Rates for a 30-year fixed rate mortgage have dropped to 4.41% from...

Continue reading
by admin