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80% of Renters Believe Homeownership is a Part of Their American Dream

According to the latest survey by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.

The survey went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.

Note the text listed below each bar on the chart. The perception of renters weighs more heavily than the reality of their situation.

National Association of Realtor’s Chief Economist, Lawrence Yun believes that,

“Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”

Bottom Line

If you are one of the many renters whose current housing situation such as marriage, a child or change in work status no longer fits your renting needs and are looking to move up to your first home, now is a great time to buy your starter home! Join the ranks of first-time buyers who are out in force looking to achieve their American Dream.

Original article appears here

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