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Home > Renters Under 50 Want to Buy a Home!

Renters Under 50 Want to Buy a Home!

May 16, 2018 by jleonardi

Renters Under 50 Want to Buy a Home! | Simplifying The Market

Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.

One of the many questions asked in the housing section of the survey was:

Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?

Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.

Renters Under 50 Want to Buy a Home! | Simplifying The Market

When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.

Renters Under 50 Want to Buy a Home! | Simplifying The Market

Bottom Line

Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive.

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🏡 First-Time Home Buyer? Here’s What You Need 🏡 First-Time Home Buyer? Here’s What You Need to Know!

✅ Do’s:
✔️ Get pre-approved – Know your budget upfront.
✔️ Check your credit score – Better score, better loan terms.
✔️ Save for a down payment – Plan ahead!
✔️ Budget for additional costs – Closing costs, taxes, and maintenance add up.
✔️ Invest in a home inspection – Avoid costly surprises.
✔️ Hire a real estate agent – A pro can guide you through the process.

❌ Don’ts:
🚫 Try to do everything yourself – Get expert help!
🚫 Ignore the location – The right neighborhood matters.
🚫 Skip the final walk-through – Double-check before closing.

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