Survey Shows Most Renters Not Looking to Buy Soon
Digested from Mortgage Daily News
Fifty-nine percent of apartment residents said they plan to continue renting when they next move, according to a March survey from Freddie Mac. This is a four-percentage-point increase from the organization’s last survey on this topic in September 2016.
The biggest shift came from apartment residents in the suburbs, 57 percent of whom said they will continue renting, up from 48 percent in the previous survey. In addition, 73 percent of millennials will continue to rent, an increase from 64 percent last September.
However, an increasing number of apartment residents—up three percentage points—are looking to rent a single-family home or condo in their next move.
The falling interest in home buying isn’t related to financial concerns: Forty-one percent of survey respondents said they have enough money to last beyond each payday, up from 34 percent in September.
Fifty-five percent of all apartment residents polled said they like where they live and don’t plan to move even if their rent increases, a jump from the 44 percent that expressed that view in September. This sentiment was strongest among Gen X apartment residents.