Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing. If you’re a renter, you’re going to want to keep reading.
One of the many questions asked in the housing section of the survey was:
Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?
Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.
When renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.
Many had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive.
For first-time homebuyers in Northern Colorado, The Eusea Team has access to a tax credit that can help you increase your buying power by as much as $50,000 without increasing your mortgage payment. If you’re a renter, contact us today to get started or to learn more about buying a home in Colorado. The Eusea Team is your partner in mortgage loans in Colorado.