Aspiring Home Buyers Struggle to Fulfill American Dream
NAR has issued its Aspiring Home Buyer Profile which offers and in-depth look at the preferences of non-homeowners, defined as renters or those who live with family/friend and do not pay rent. The profile is a collection of monthly data that was collected throughout 2016 that compares and contrasts topics like the perceptions of homeownership and housing affordability from the non-homeowners perspective.
The profile points out that affordability pressures,student debt and possible confusion about down payment requirements have kept many aspiring homeowners from reaching the market. An infographic about the report indicates that amid these challenges, 9 out of 10 non-owners desire to be a homeowner and 8 of 10 reported that homeownership is part of their American Dream.
"Nearly all non-homeowners said they want to own a home in the future (87 percent), but it's evident that higher rents and home prices (up 41 percent in the past five years) along with limited entry-level supply and repaying student debt have combined to make buying a challenging goal," said NAR Chief Economist Lawrence Yun in a press release issued by NAR. "It's also little surprise that non-owners in the West, where price appreciation has been the strongest, were the least optimistic about buying."
For the more details and the full report, click here.