A newly-released survey by Freddie Mac is suggesting a new trend in the housing market -- more people are renting due to preference and lifestyle, rather than out of necessity. Furthermore, there has been a 7 percent decline in those actively working toward homeownership from January 2016 to August 2017.
The survey data reflected that across all age groups, the perception that renting is more affordable than buying a home increased significantly. 82 percent of baby boomers, 76 percent of millennials, and 75 percent of Generation Xers share this view, up at least 10 percentage points from 2016, per Realtor.com.
The data from the Freddie Mac survey and another by the National Multifamily Housing Council suggest there isn’t likely to be a shift toward owning from renting among old and young alike, due to financial reasons and those of lifestyle and preference. Landlords are likely to see this as welcome news that a widespread shift toward owning isn’t coming anytime soon. The data also indicate the persistent shortage of homes for sale on the single-family side is depressing the appetite for homeownership.
Advertisement
Related Stories
Trade Contractors
Skilled Trades Are Open to Technology, Survey Finds
Amidst the ongoing labor shortage, technology and digital tools can offer labor-saving gains, and the skilled trades are willing to embrace new tech in their jobs
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?