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Renters Under 50 Want to Buy a Home!

Renters Under 50 Want to Buy a Home!

May 23rd, 2018 | First Time Home Buyers, For Buyers, Housing Market Updates, Millennials, Rent vs Buy

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.

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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.

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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.