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.
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.
Bottom Line
Many had wondered if young Americans had lost
their desire to own a home, but for those renting now, that dream is still
alive.
If you need guidance to make your dreams come true, put our 40+ years of experience to work for you today and call (978) 500-1480. Dreams really do come true.
THE MILITELLO TEAM
(978) 815-3877 - Joseph
(978) 500-1480 - Kathleen