According to a survey just released by Pulsenomics LLC, almost one of every 11 renters in St Louis (9%) plan to buy a home in the next year and 5 percent of all households said they plan to buy. The survey, which covered 20 major metro areas in the U.S., calculated a “Housing Confidence Index” for each city based upon the survey responses and St Louis, with a 58.9 out of a possible 100, was at the bottom of the list for the 20 cities. However, on the “Homeownership Aspirations Index“, a barometer of the level at which current renters aspire to be homeowners, St. Louis fared pretty well with a 59.6, putting St Louis 10th on the list.
If this survey proves to be correct, at least in that 5% of all households plan to buy a home in the next year, that will be a great boost to the St Louis real estate market! For example, in St Louis county alone, there are roughly 400,000 household units so, if 5% were to buy a home in the next year as the survey indicates, then around 20,000 homes would be sold in St Louis county. Given that during the past 12 months there have been about 13,600 homes sold, that would represent an increase in home sales of about 40%….wow! Call me a skeptic, but I think that is probably a little optimistic, but we can hope.
The table below shows the data for the U.S. as a whole, as well as for each of the 20 cities covered in the survey.
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