Recently I read a new report that finds that 27% of renters surveyed indicated they do not plan to ever purchase a home, while 68% said it would be more than two years before they do.
Of the 68% of renters who plan to someday purchase a home, nearly 80% said there are factors that could inspire them to purchase within the next 12 months.
Factors cited included:
- Able to save enough for a down payment 47%
- Got a new job 28%
- Interest rates stay low/get lower 27%
- Decide it makes more financial sense to buy instead of rent 24%
- Got a promotion/raise 23%
- Local real estate market stabilized 9%
According to the study, 72% of American adults still believe homeownership is part of their personal American dream. Additionally, 23% of those surveyed said their attitude toward owning a home has grown more positive over the last six months.
Also Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9% saying their ideal home size is more than 3,200 square feet- the same number of who said they’d like their home to be between 800 and 1,400 square feet. 55% of Americans would prefer a home between 1,401 and 2,600 square feet.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900