Forty-nine percent of Americans who don’t currently own their home say they expect to purchase one within the next five years – and 10 percent plan to buy within the next year, according to a recent survey by Gallup of more than 1,500 adults. And one in five (20 percent) non-homeowners plan to buy within 10 years.
However, one in four Americans (28 percent) say they have no plans to buy a home, according to the Gallup poll.
The percentage of non-homeowners looking to buy has risen over the past year. Gallup’s survey from a year earlier (April 2016) found that 38 percent of non-homeowners did not intend to buy in the foreseeable future, and 41 percent said they would buy within five years.
The most willing buyers tend to be millennials and Generation Xer’s. Fifty-two percent of respondents age 18 to 34 say they plan to buy within five years; that number is 58 percent for those age 35 to 54. Only 30 percent of non-homeowners over the age of 55 say they plan to buy within that time period.
The persistent constraints on housing supply, however, pose a big problem for those looking to buy as home shoppers face a limited selection of homes for sale. And as more owners stay put, inventories are being constrained even more.
With current homeowners, 64 percent of U.S. adults surveyed by Gallup say they don’t think they’ll sell their home in the foreseeable future; 20 percent say they expect to sell within the next five years; 13 percent plan to sell within 10 years; and just 4 percent say they plan to sell next year.
“If real estate demand continues to outpace real estate supply, home prices will continue to rise and could rise beyond what most Americans can afford,” says Jeffrey M. Jones, who reported the Gallup poll findings. “To the extent that happens, many would-be homeowners may not be able to achieve their goal of owning a home.”
Source: “Gallup Poll Shows High Hopes for Homeownership,” Mortgage News Daily (May 9, 2017)
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