An increasing amount of Americans are finding that renting their home has become old news, and that homeownership is moving its way to the top of their futures “to-do list”. According to a survey from the National Association of Realtors, renters are thinking more about purchasing a home now than in past years, while the number of people who say they prefer to rent has declined.
Gary Thomas, NAR President, stated “Homeownership matters to Americans who consistently realize the many benefits it provides to communities, families, and the nation’s economy”. The same survey mentioned above found that eight in 10 Americans believe buying a home is a good financial decision and more than two-thirds (68 percent) said now is a good time to buy a home.
Not only has there been an increase in the desire to purchase more homes, for Americans overall attitude towards the housing market has also improved over the years. In fact, nearly four in 10 Americans reported an increase in activity within their local housing market in the past year. The American outlook on the national economy has also taken an upturn, illustrated by a 13 percent decrease in concerns over job layoffs from 2011 and concerns over distressed properties have went from a “very big problem” to a “fairly big problem”.
Unfortunately, the financial issues that have haunted Americans for years and that have kept them from becoming homeowners still remain the same. Thomas stated, “Student loan debt is a concern for many consumers in today’s market, especially first-time buyers. Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment.”
This statement could be directed towards the millennial generation that consists of those between the ages of 18-34, most of which have recently graduated college and unable to find a job because of current economic conditions.
Check out the National Association of Realtor’s full report here.