May 16, 2018 | Jeff Hallman

Renters Under 50 Want to Buy a Home!

    
                  Renters Under 50 Want to Buy a Home! | MyKCM
     
          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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