flexiblefullpage - default
Currently Reading

Going From Renting To Owning Is Proving To Be Difficult

Advertisement
billboard - default

Going From Renting To Owning Is Proving To Be Difficult


March 30, 2016

“Would you like to own a home?” is quickly becoming comparable to questions like “Would you like to own a Ferrari?” and “How would you like to win the lottery?” Sure, it would be great, but it doesn’t seem very realistic.

Maybe the question of owning a home hasn’t quite gotten to that unrealistic of a point yet, but it certainly seems to be on its way. According to the National Association of Realtors March 2016 Housing Opportunities and Market Experience Survey of U.S. households, 63 percent of respondents who do not currently own a home said it would be difficult to qualify for a mortgage given their current financial situation. Especially for first-time homebuyers, the increase in home prices without a similar increase in wages has made saving for a home very difficult.

In addition, only 38 percent of home sales in February 2016 were to people who were renting immediately prior to purchasing the home. That number is down 2 percent from January and on par with February 2015. 54 percent of sales were to people who were already living in their own home and 8 percent of sales went to individuals who were living with parents, relatives, or friends.

As of January 2016, the median price of all existing homes showed a 4 percent growth while the average weekly earnings of the private industry showed only a 2 percent growth.

As rents and home prices continue to grow, homes are beginning to look more and more like a luxury item available only to a select few.

Read more

Advertisement
leaderboard2 - default
Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.