A majority of renters who have been considering a home purchase intend to do so within the next two years, according to a survey conducted by home builder PulteGroup.
Among the top reasons renters indicated they have increased their interest in buying a home include:
• They like being able to call themselves homeowners (49%);
• They view it as a good financial investment (44%); and
• They need more space for their family/kids (36%).
The survey also revealed that deterrents -- both real and perceived -- still persist, preventing some renters from taking the leap. The top three reasons indicated by current renters for not purchasing a home sooner include:
• Not enough money for down payment (54%);
• The belief that renting is cheaper than buying (28%); and
• Uncertainty with employment status (23%).
"Clearly the dream of homeownership is alive and well in America, yet we still have a ways to go to ensure more renters are able to take that important step toward buying their first home," said Deborah Meyer, senior VP PulteGroup. "Homeownership is more attainable than ever with historically low mortgage rates and competitive pricing, as well as affordable new homes designed for first-time home buyers coming into the market.
"We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide," she continued. "In fact, in the first quarter of this year, sales and traffic for our Centex homes, which caters to the value-conscious and first-time buyer, saw a significant improvement over last year -- yet another sign of an improving housing market.”