A majority of Americans are ready to ditch their landlord and purchase a home in the next two years, according to a recent study.
The survey, conducted by PulteGroup, one of America’s largest homebuilders, found that 60 percent of renters have increased their intent to purchase a home over the last 12 months. And they plan to do it soon, with 61 percent saying they want to be homeowners within the next two years.
PulteGroup surveyed 506 adults across the country who are currently renting and found some interesting facts:
- 49 percent wanted to be able to call themselves homeowners.
- 44 percent view purchasing a home as a good investment.
- 36 percent say they hoped buying a home would bring more space for their families and children.
Unfortunately, the survey did find that some renters persist in seeing deterrents to home ownership. The most common reasons for not purchasing a home sooner include:
- 54 percent were short on the required down payment.
- 28 percent believed renting was cheaper.
- 23 percent cited uncertainty about their employment status
“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 towards buying their first home,” said Deborah Meyer, senior vice president of 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.”
PulteGroup had the following tips for renters thinking about making the transition to ownership:
- Compare the benefits between owning and renting. These can be anything from mortgage tax credits to more storage space.
- Get your family’s finances in order.
- Determine if you want a new home or a previously-owned property.
- If you want a new home, select a builder who has experience with the type of home you’d like, in the area you want to live in.