A majority of renters surveyed by the National Association of REALTORS® aspire to eventually own their own home.
But while roughly three-quarters of those surveyed in the final three months of 2017 said they ultimately want to own instead of rent, 56 percent said they could not afford to buy.
The findings were released Wednesday in NAR’s Housing Opportunities and Market Experience survey, which noted that real estate price increases and diminished housing supplies are discouraging many renters from taking steps toward homeownership.
Said NAR Chief Economist Lawrence Yun:
“A tug-of-war continues to take place in many markets throughout the country, where consistently solid job creation is fueling demand, but the lack of supply is creating affordability constraints that are ultimately pulling aspiring buyers further away from owning. These extremely frustrating conditions continue to be most apparent at the lower end of the market, which is why the overall share of first-time buyers remains well below where it should be given the strength of the job market and economy.”
The survey of more than 10,000 people has lots of other insights on what consumers are thinking in what has been a challenging real estate market for some. More than half said they think their rents will increase in the year ahead, and a quarter said they would likely look to move to a cheaper rental unit.