Spike in renters looking to buy
A surge in renters are ready to make the leap into homeownership. According to a new TransUnion analysis on the U.S. rental market, 55 percent of those who actively shopped for a mortgage in the first quarter of 2017 were non-homeowners and primarily renters. This is up from 50 percent in the first quarter of 2016, and 45 percent in the first quarter of 2015.
The report shows that millennials’ interest in homeownership is continuing to grow, with 29 percent of non-homeowners who have shopped for a mortgage in 2017 coming from the millennial age range.