Annually, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE).  A wide range of topics are explored in the survey, including inflation, the labour market, household finance, credit access and housing.

For the purposes of this article, our focus will center on the housing section of the survey:

Question # 1:

Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?

Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.

When renters were asked about the likelihood of them buying a home at some point in the future, 66.4% of those under the age of 50 felt that they would eventually own a home, while only 23% of those over the age 50 believed that they might.

The Takeaway

Make no mistake.  Although, many believe that younger Americans had lost their desire to own a home, that dream is indeed still alive and well!!

With rents continuing to rise and mortgage interest rates still at historic lows, now is a great time to consider purchasing a home.
So before you consider signing and/or renewing your current lease, do yourself a favour and feel free to call, email, text or message me, as I am here to be service. You will be glad that you did!! 727.755.3434