Renters are getting frustrated
The majority of renters say they want to own a home in the future and believe that homeownership is a critical piece of the American dream. But making the leap into homeownership is facing bigger hurdles as the market sees higher home prices and a shortage of homes for sale, according to the National Association of REALTORS’ newly released Aspiring Home Buyers Profile, which is based on findings from a survey of more than 10,000 households’ attitudes about the real estate market.
Non-homeowners surveyed say the main reason why they do not currently own is because they are unable to afford homeownership. Still, non-homeowners’ desire to eventually buy is not waning. They say the following goals most make them want to buy in the future: change in lifestyle, such as getting married, starting a family, or retiring; improvement in their financial situation; and a desire to settle down in one location. Until they do buy, non-homeowners expect to face increasing rents. Fifty-one percent of renters surveyed say they expect their rent to increase this year.