More than half of current renters plan to be homeowners within 5 years

dennis-norman-realtor

More than half (52 percent) of current renters said they anticipate buying a home in the next five years, according to a survey conducted by ORC International.  Tenants with children under 13 are most likely to buy a home with 69 percent of them responding that they anticipate becoming a homeowner in the next five years followed by single family tenants in general, with 60 percent of those tenants anticipating buying a home and just 44 percent of apartment renters planning on buying a home within five years.

Top three reasons tenants don’t want to own a home:

For the tenants the indicated they do not have plans to buy a home (43 percent of all renters), the following are the top reasons why they don’t plan to become a homeowner:

  • 40 percent say they enjoy being a renter
  • 39 percent say they simply don’t want to be a homeowner
  • 29 percent say they can’t get a mortgage

Other Highlights from the Survey:

  • Single family renters make more money and are nearly twice as likely to have children as apartment dwellers. Median income for a single family renter is $75-100,000 (66%) versus $50,000-75000 (51%) for a multifamily tenant. Single family households are larger; some 65 percent have three or more members compared to 32 percent of apartment households. Some 63 percent of single family households include children; only 34 percent of apartment renters have children living with them.
  • Most single family tenants are older, aged 35-44 (53%) compared to 14-34 (46%) and 65+ (61%) for apartment dwellers.
  • Compared to apartment dwellers, single family renters value neighborhood features important to children, such as parks and playgrounds (65% to 71%), good schools (72% to 82%) and safe neighborhoods (97% to 98%).
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