The MacArthur Foundation published a recent report that indicates that Americans are not totally convinced that the ‘housing crisis’ is over and many, while still adhering to the dream of homeownership, are willing to wait awhile before embarking on that effort.
” A strong desire remains among Americans to own their own home – in fact, greater than seven in 10 renters aspire to own one day. However, the overall appeal of renting versus owning is changing. Fifty-seven (57%) of adults believe that “buying has become less appealing,” and by nearly the same proportion (54%), a majority believes that “renting has become more appealing” than it was before.”
Lifestyle changes, as evidenced by a more mobile younger population who are willing to relocate for work, account for some of the shift. However, increases in rents charged and historically low mortgage interest rates remain factors in this major financial decision. To read more about this subject visit: http://www.macfound.org/programs/how-housing-matters/