Acre Mortgage and Financial, Inc.

NMLS# 13988

400 Sheppard Rd.

Voorhees, NJ 08043

(866) 416-7156

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Renters Under 50 Want to Buy a Home!

May 16, 2018

 

 

 

 

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.

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.

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.

 

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