Americans Favor Owning Versus Renting A Home

Dated: May 13 2019

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The Census Bureau recently reported a homeownership rate of 64.2% in the first quarter of 2019, up from the 10-year low of 63.7% in the first quarter of 2015.

A recent study by LendingTree shows that 67% of homeowners surveyed aged 22 and older believe that owning a home is a better option that renting. In addition, the longer you remain in a home, the stronger you believe that owning is better than renting. The survey revealed that 72% of homeowners who have resided in their home for seven to nine years agree with the statement.

The survey also showed that about 15% of homeowners believe renting is easier than owning a home, and another 18% are neutral on the topic. "Just 13% of homeowners across all ages wish they could go back to renting, but when broken down by age, 1 out of every 5 homeowners ages 22 to 37 say they miss renting."

In conclusion, the US "Goldilocks" economy includes: 

  1. Slowing home price gains

  2. Rising wages

  3. Uptick in homes for sale

  4. Strong job market

  5. High Consumer Confidence

  6. Historically low rates

The above points will continue to be a tailwind for new home buyers on their way to the American Dream of owning a home.

If you or someone you know has questions about home loans, give me a call. I'd be happy to help.

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Avo Derbalian

Avo Derbalian became Owner/Salesperson of a real estate company in early 2016 after being a Realtor® for a year and a half, providing services all over Bergen County and Passaic County. Since then, ....

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