4 Million Renters Say They’re Eager to Buy
According to a new survey by Zillow of renters in the 20 largest housing markets in the U.S., 10% of renters say they want to buy a home in the next year. If those 10% of renters all buy homes in the next year, it’ll amount to 4.2 million first-time home buyer sales. That number is double the amount of first-time buyers in 2013.
Normally, first-time home buyers make up about 40% of the housing market. NAR recently released a report though saying that the share of first-time home buyers has fallen to the lowest number on record since 2008. First-time home buyers only accounted for 26% of the housing market in January.
However, more renters are now expressing a desire to buy homes, especially as the housing market is recovering and home prices rise. In some of the areas that were hit the hardest during the housing downturn, such as Miami, Atlanta, and Las Vegas, renters showed the strongest home ownership aspirations.
Stan Humphries, a Zillow’s chief economist commented, ” Even after a wrenching housing recession, this data shows that the dream of home ownership remains very much alive and well, even in those areas that were hardest hit. But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”