Homeownership still a goal for most non-owners
Seventy-two percent of current non-homeowners plan to purchase a home throughout the next decade.
According to a recent Gallup survey, 10 percent of those who do not own a home plan to buy within the next year, 39 percent in the next five years, and 20 percent plan to purchase one in the next decade. With 61 percent of Americans believing that housing prices will continue to increase in their area in the next 12 months, it’s not surprising that more are planning to buy now instead of wait.
The majority of those who plan to buy are under 55 years old. For 18 to 34 years-old adults, 52 percent plan to buy in the next five years, 31 percent in the next 10 years. For those 35 to 54 years-old, 58 percent plan to purchase in the next five years, and 8 percent in the next decade. For those baby boomers older than 55, only 22 percent plan to buy a home in the next five years, 8 percent in the next decade. Sixty-five percent are not planning to buy within the “foreseeable” future.
For current homeowners, 64 percent are not planning to sell their home anytime soon. Four percent plan to sell within the year, and 16 percent plan to sell in the next five years. Forty-nine percent are downsizing, but 29 percent are looking for a larger home.
The report suggested that with homeownership continuing to be a part of the American Dream for many people, the real estate market should remain strong, but lack of inventory may continue to be an issue over the next decade.