Renters Under 50 Want to Buy a Home!

    Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.

    One of the many questions asked in the housing section of the survey was:

    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.

    Renters Under 50 Want to Buy a Home! | MyKCM

    When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.

    Renters Under 50 Want to Buy a Home! | MyKCM

    Bottom Line

    Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive.

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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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