As if any more evidence was needed that single-family home construction needs to pick up, a new survey from the National Association of Realtors shows just how strong the demand for single-family homes is.
According to Realtor.org, 85 percent of current homeowners and 75 percent of renters said they would purchase a single-family home if they were to buy within the next six months. Additionally, only 21 percent of renters said they would buy in an urban area, a number that is even smaller for homeowners at 15 percent.
It doesn’t take a mathematician to determine what this data reveals; consumer preference is overwhelmingly trending towards purchasing single-family homes in suburban areas.
Lawrence Yun, NAR chief economist, says the results of this survey prove home builders need to begin doubling their focus on constructing single-family homes. Otherwise, tight inventory and increased affordability concerns will worsen.
The survey also discovered that because of quickly increasing home prices, renters are losing optimism about it being a good time to buy. The December 2015 survey found that the number of renters who believe now is a good time to buy dropped by 6 percent and now rests at 62 percent total. American households are also less optimistic about the economy, with a two percent drop in those that believe the economy is improving.