Freddie Mac: Renters say they expect to stay where they are

[William Hull]

Americans are increasingly favoring renting over home ownership according to the most recently conducted Freddie Mac renter survey. Furthermore, the survey takers responded that they do not see the current market climate as an appropriate time to purchase real estate. While the amount of renters not planning to buy a home has increased, the overall consumer confidence of those surveyed has risen by close to 20% to 47% from when the last survey was conducted. Essentially renters feel better about their present financial circumstances than they did in the past and have come to view renting in a more favorable light than the prospect of home ownership. Some respondents have also come to favor living in urban areas over rural areas, preferring to move to a small unit that if rent increases overall as well as being closer to a city center as affordability dictates. The general American sentiment towards home ownership be drastically altering its makeup, with a majority of survey respondents saying that they plan to rent and stay in the same place they are living in currently, with no impetus to move, as well as not financially or mentally planning for home ownership any time in the near future.

Key Takeaways:

• Renters believe increases in rent will be manageable and are not deterred by them.
• Americans are optimistic about their financial futures and current situations
• Even with the increased optimism with the rental market, the home buying market is also filled with optimism

"Renters expect that renting will stay affordable, but say they would move into a smaller rental unit to be closer to a city."

Read more: http://www.housingwire.com/articles/39832-freddie-mac-renters-say-they-expect-to-stay-where-they-are