A newly-released survey by Freddie Mac is suggesting a new trend in the housing market -- more people are renting due to preference and lifestyle, rather than out of necessity. Furthermore, there has been a 7 percent decline in those actively working toward homeownership from January 2016 to August 2017.
The survey data reflected that across all age groups, the perception that renting is more affordable than buying a home increased significantly. 82 percent of baby boomers, 76 percent of millennials, and 75 percent of Generation Xers share this view, up at least 10 percentage points from 2016, per Realtor.com.
The data from the Freddie Mac survey and another by the National Multifamily Housing Council suggest there isn’t likely to be a shift toward owning from renting among old and young alike, due to financial reasons and those of lifestyle and preference. Landlords are likely to see this as welcome news that a widespread shift toward owning isn’t coming anytime soon. The data also indicate the persistent shortage of homes for sale on the single-family side is depressing the appetite for homeownership.
