Over the past couple of years, many people at “homeowner age” shied away from making this major purchase, either due to financial reasons or instability in the housing market. Yet, a recent Gallup Poll, reported by Mortgage News Daily, shows that 49 percent of non-homeowners plan to buy property over the next five years.
Results of the Housing Market Study
Also, 10 percent from this group are looking to purchase a home over the next year and 20 percent over the next decade. Compared to 2016, these statistics show housing market trends could be on an upswing. In 2017, 38 percent of non-homeowners did not plan to purchase any property and 41 percent were considering this decision within a five-year period.
On the plus side, more Millennials have an optimistic outlook too. For those in the 18-to-34 age group, about 52 percent want to buy a home over the next five years and amongst Gen X, 58 percent in the 35-to-54 bracket plan to do the same. Additionally, although many Millennials have been putting off this major decision, those 31 years old and younger would like to buy a home over the next 10 years. On the other hand, just 30 percent of those older than 55 plan to buy a home.
However, the housing market might need time to catch up. According to this report, other data from Gallup shows that almost two-thirds of Americans believe housing prices in their area will continue to rise. Out of all homeowning adults, just four percent expect to put their existing property on the market over the next year and two-thirds don’t plan to sell at all. However, these trends haven’t changed since 2013.
For those who do plan to sell their home, 30 percent are looking for a larger or more expensive property, rather than downsizing. Additionally, 13 percent who currently own property plan to exit homeownership entirely to rent instead.
Whether you’re looking for your first property, an upgrade or something smaller, consider By Carrier’s communities of custom homes in Central Connecticut. To learn more, give us a call today.