More Renters Say They Want to Own a Home

The majority of renters say home ownership is one of their highest priorities for their future, and as the housing market improves and rents continue to rise, more renters are saying they want to buy a home soon, according to the 2013 National Housing Pulse Survey, conducted by the National Association of REALTORS.

Renters are showing stronger desires for home ownership compared to recent years, according to the survey.

Home ownership matters to Americans who consistently realize the many benefits it provides to communities, families, and the nation’s economy. 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 and this trend is expected to continue as rents are on the rise. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits, and is an investment in their future.

Fifty one percent of renters say that eventually owning a home is one of their highest personal priorities, up from 42 percent in the 2011 survey.

The survey found that 80 percent of the 2,000 Americans surveyed say they believe buying a home is a good financial decision. 68 percent said now is a good time to buy a home, too.

The survey found Buyers main motivations to home ownership included: building equity (and locking in a monthly payment), wanting a stable and safe environment, and the freedom to choose where to live, the survey found.

Meanwhile, the main obstacles to home ownership have remained the same over the years: 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,” Thomas says. Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment. Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment however, lenders have begun ease their requirements in recent months as interest rates rise and they are forced to complete for a larger share of the purchase business. That said, 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.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley ColumbusDelaware Downtown Dublin GahannaGrandview Heights GranvilleGrove City GroveportHilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington WestervilleWorthington

 Connect with us