Wednesday, August 25, 2010

Are You a Renter? Here are the Facts

Report finds one quarter of renters never plan to own a home

A new report by finds that 27 percent of renters surveyed indicated they do not plan to ever purchase a home, while 68 percent said it would be more than two years before they do.

Of the 68 percent of renters who plan to someday purchase a home, nearly 80 percent said there are factors that could inspire them to purchase within the next 12 months. Factors cited included: Able to save enough for a down payment, 47 percent; got a new job, 28 percent; interest rates stay low/get lower, 27 percent; decide it makes more financial sense to buy instead of rent, 24 percent; got a promotion/raise, 23 percent; and local real estate market stabilized, 9 percent.

According to the study, 72 percent of American adults still believe home-ownership is part of their personal American dream. Additionally, 23 percent of those surveyed said their attitude toward owning a home has grown more positive over the last six months.
Richard's Notes: I'm sure you know of someone who has lost their shirt in the real estate meltdown thanks to the government who was asleep at the wheel and the greedy banks who didn't bother to check the paperwork they lent money on.  There are many reasons to jump ship and buy your first home but only after speaking with a real estate agent.  Because most all agents are on commission, if you want the best insight without the pressure, offer to pay the agent for their professional advice.

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