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Renters staying out of the housing market
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More than 70 percent of non-homeowners say they do not plan to buy a home in the next year, according to a new national consumer survey by real estate search company Trulia. Nearly half of the respondents age 18 to 34, which usually represents the largest group of first-time homebuyers, say they do not own a home right now because it costs too much. Among those age 35-44, 41 percent says they don't think they can qualify for a home loan right now. Only 12 percent of those surveyed expect to buy a home in the next 12 months.
So the financial crisis is hitting non-homeowners as hard as homeowners, since almost everyone now fears being unable to obtain a loan or make the payments on one even if they qualify. The survey, which also included homeowners, found that 92 percent of homeowners and 70 percent of non-homeowners plan on staying put for the next 12 months.
But the survey results were certainly not "anti-homeownership". On the contrary, 49 percent of homeowners still feel that their home is a great long-term investment and more than half of the non-homeowners still say they believe homeownership is a central point in achieving their own personal "American Dream".
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