The National Association of Realtors’ 2013 National Housing Pulse Survey found that renters are thinking more about purchasing a home now than in past years, while the number of people who say they prefer to rent has declined.
The survey, which measures consumers’ attitudes and concerns about housing opportunities, found eight in 10 Americans believe buying a home is a good financial decision, and more than two-thirds (68 percent) said now is a good time to buy a home. Since the last survey in 2011, more renters are thinking about purchasing a home, up from 25 percent to 36 percent, while those who say they prefer to rent dropped from 31 percent to 25 percent. Half of renters say that eventually owning a home is one of their highest personal priorities, up from 42 percent to 51 percent.
In addition, attitudes toward the housing market and the national economy have also improved over the years, with respondents identifying an increase in activity within their local housing market in the past year, as well as less concern about a drop in home values. There were also fewer concerns about job layoffs and unemployment, as well as foreclosures.
When asked for reasons why homeownership is important, respondents’ top reasons included building equity, wanting a stable and safe environment, and the freedom to choose where to live.
“Homeownership matters to Americans who consistently realize the many benefits it provides to communities, families and the nation’s economy,” said NAR President Gary Thomas. “Due to high housing affordability and today’s interest rates, it makes sense for people to consider homeownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”
To read an executive summary of the 2013 National Housing Pulse Survey, click here.
