The majority of people who rent their home in the United States say that home ownership is one of their highest priorities for their future and more are saying they want to buy soon, according to a new survey. The 2013 National Housing Pulse Survey from the National Association of Realtors reveals that renters are showing stronger desires for home ownership compared to recent years.
‘Home ownership matters to Americans who consistently realise the many benefits it provides to communities, families, and the nation’s economy,’ said NAR president Gary Thomas. ‘Due to high housing affordability and today’s interest rates it makes sense for people to consider home ownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognise that owning a home offers tremendous long term benefits and is an investment in their future,’ he explained.
Overall some 51% of renters say that eventually owning a home is one of their highest personal priorities, up from 42% in the 2011 survey. The survey found that 80% of the 2,000 Americans surveyed say they believe buying a home is a good financial decision and 68% said now is a good time to buy a home. Their main motivations to home ownership include building equity, wanting a stable and safe environment, and the freedom to choose where to live.
Quote from PropertyForum.com : “Sales of homes to international buyers in the United States have reached their second highest level, according to the latest data from the National Association of Realtors. The association’s 2013 Profile of International Home Buying Activity shows that sales to overseas buyers now amount to 6% of total existing home sales.”
Meanwhile, the main obstacles to home ownership have remained the same over the years, including saving for the down payment, closing costs, low wages, and student loan debt. ‘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,’ said Thomas.
‘Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment. Realtors are working with regulators to address this issue and are committed to making sure those who are willing and able to own a home have the opportunity to pursue that dream,’ he added.