An overwhelming majority (95 percent) of renters 34 and younger said that they want to own a home in the future, a National Association of Realtors survey found.
The Wall Street Journal reports that more than half of renters said that they can’t afford a home yet. A small portion of respondents (19 percent) prefer the flexibility of renting. First-time buyers dipped to 32 percent of all purchasers in 2015, the third straight year with a decline.
“There appears to be sizeable, pent-up demand for buying that currently remains untapped because of a variety of economic and personal reasons impacting many households,” said Lawrence Yun, NAR’s chief economist.