Vast Majority Of Renters Say They Want To Buy

Vast Majority Of Renters Say They Want To Buy

Recent data from Fannie Mae shows a large majority of current renters intend to someday buy a house. In fact, just 18 percent of surveyed renters said they plan to remain renters forever. 


So what are some of the obstacles renters face when thinking about whether or not they should begin taking steps toward homeownership? Well, the upfront costs of buying a home were the top answer, with 45 percent of respondents citing coming up with money for a down payment and closing costs as the obstacle that keeps them from buying. However, an almost equal amount said they were most concerned about their credit. Other answers included insufficient income, too much debt, confusion about the buying process, and job security. In short, current renters want to buy but are worried they aren't financially secure enough to become homeowners. 


And, though that is a legitimate concern, Fannie Mae also points out that their previous research has shown many potential home buyers overestimate the size of the down payment they'll need and are unaware of many of the programs available to help first-time home buyers reach their goal of becoming homeowners.


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Phone: 214-868-2959
Dated: October 12th 2017
Views: 426
About Tim: It’s hard to find another real estate agent in Dallas who is as hard working, honest, educated, ex...

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