Are You Under 50 And renting?
Each year, findings in the Survey of Consumer Expectations (SCE) are made public by the New York Federal ReservE. Each survey covers a variety of topics, including inflation, labor market, household finance, credit access and housing.
In the housing section of the survey, one question asked participants: "Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?"
More than 3/4 of respondents under age fifty replied they would prefer to own their home, rather than rent. While just 52.6% of participants over age 50 said they would prefer to own. The chart below illustrates the full breakdown.
When renter respondents were asked what the average probability of purchasing and owning a primary residence at some point in the future, 66.4% of renters under the age of 50 believed that they would eventually own their own home, while just 23% of renters over 50 did.
Many have questioned whether young Americans have lost their desire to own their own home.. however, for many young renters, the dream of home ownership is still alive.
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Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.