Weak incomes and weak savings mean more renters
The Wall Street Journal’s Nick Timiraos shares housing analysis from the results of the New York Federal Reserve Bank’s consumer expectations survey.
The survey polled 867 homeowners and 344 renters on their attitudes toward homeownership and their plans to move. An examination of the results shows that most renters want to buy, but they can’t handle it financially. This contradicts a trend cited frequently in the press, that millennials and other renters have purposely turned away from owning homes after witnessing the many foreclosures during the housing bust.
