Just about everyone in the housing industry has an opinion on the topic of whether millennials will ever want to give up renting and own homes like their parents. While the Millennial generation certainly faces more challenges than some generations before them, according to the National Association of REALTORS® quarterly Housing Opportunities and Market Experience (HOME) Survey, renters still aspire to be homeowners someday. In fact, 83 percent of current renters would like to own their own place—a number which jumps to 94 percent for renters age 34 and younger. As for the reasons why those renters do not yet own, affordability seems to be the biggest roadblock; 53 percent of renters say they cannot currently afford it, while 19 percent relayed a current need for flexibility. When asked what would cause current renters to buy, 33 percent say a lifestyle change (such as marriage or kids) or an improvement in financials (26 percent).
Review NAR’s most recent HOME survey to learn about renter attitudes on homeownership, as well as general consumer sentiment about the market. Talk to a REALTOR® in your market and ask what they are hearing from renters turned homebuyers. Speak with renters looking to buy in the future to learn their motivation for owning.