A survey by the National Association of Realtors just showed that young people still dream of owning their own home one day. According to NAR’s inaugural quarterly household survey, Housing Opportunities and Market Experience (HOME), young renters want to buy one day.
94 percent of those surveyed under 34 said that they want to buy a home one day. 77 percent of those surveyed said that they believe owning a home is a part of the American Dream.
“Despite entering the workforce during or immediately after the worst of the financial and housing crisis, the desire to become a homeowner appears to be a personal goal for a convincing majority of young renters,” says Lawrence Yun, NAR chief economist. “Furthermore, there appears to be sizeable, pent-up demand for buying that currently remains untapped because of a variety of economic and personal reasons impacting many households.”
Why are young renters waiting?
The survey showed that there are two reasons why current renters have not yet bought a home: inability to afford to buy (53 percent) and needing the flexibility of renting rather than owning (19 percent). They said they would want to buy in the future with changes in lifestyle (like a marriage or family) or from improvement financially.
“A combination of factors such as rising rents and home prices, limited supply, repaying student debt, and getting married and having children later in life has more to do with the currently underperforming share of first-time buyers than the idea that buying a home is not as desirable as it used to be,” adds Yun.
Even if some people remain skeptical of the state of and future of the economy, it is a good sign that people see strength in real estate and want to own a home.
If you are either renting or buying, RE/MAX Paradise can help you find the perfect home. Contact us today with any questions about Miami real estate.