Time Home Buyers, For Buyers, Millennials, Rent vs. Buy
According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed tenants prefer to purchase a home in the foreseeable future, with 80% believing homeownership is a big part of accomplishing their American Dream.
The profile proceeded on to say that 50% of millennials think that their rent will raise, with 20% strongly believing that an increase in rent will be the incentive that pushes them to look into buying a home vs. extending their lease.
What is holding renters back?
80% of Tenants Believe Home Ownership is a Piece of Their American Dream
What would make renters jump in?
NAR’s Chief Economist, Lawrence Yun strongly believes that,
” Housing demand in 2018 will be sustained by more millennials ultimately deciding to marry and have children and the assumptions that solid job growth and the fortifying economy will push incomes higher.”
Yun goes on to warn that,
” However, with prices and interest rates also predicted to rise, affordability stress will persist. That is why it is crucial for much of the United States to see a substantial hike in existing and new housing supply. Or else, many prospective first-time home buyers will be compelled to continue renting and not achieve their dream of being a property owner.”
If you are among the numerous homeowners whose homes don’t fit their requirements and are hoping to move up to your dream home, now is a good time to sell your starter home! First-time home buyers are out in force trying to attain their American Dream.
” Having said that, with housing prices and interest rates predicted to rise, affordability burdens will continue. That is why it is vital for the USA to begin seeing a considerable hike in existing and new housing inventory. If not, a lot of would-be first-time home buyers will be obliged to continue renting and not achieve their goal of being an owning a home.”
#homeownership #sedonahomes #sedonarealestate