80 Percent Of Renters Believe Homeownership Is A Part Of Their American Dream

Dated: February 21 2018

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80% of Renters Believe Homeownership is a Part of Their American Dream

80% of Renters Believe Homeownership is a Part of Their American Dream

According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.

The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.

So, what is holding renters back?

80% of Renters Believe Homeownership is a Part of Their American Dream | MyKCM

What would make renters take the plunge?

80% of Renters Believe Homeownership is a Part of Their American Dream | MyKCM

NAR’s Chief Economist, Lawrence Yun believes that,

“Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”

Yun goes on to warn that,

“However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”

Bottom Line

If you are one of the many homeowners whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream.

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Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

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