A new study from Zillow says that while renters aged 18-34 are confident that they’ll one day buy a home, that day may be a few years down the road.
The study, which analyzed data from the company’s Housing Confidence Survey, found that 80 percent of the young renters surveyed were either “confident” or “somewhat confident” that they would one day buy a house. Zillow said renters in Phoenix, Miami and Detroit were most confident. Confidence was lowest in Philadelphia, Seattle, and San Diego.
Of those who said they were confident about buying a home, 36 percent said that would take place in the next year. Another 54 percent said it would be between 1-2 or 3-5 years before they were ready to make a purchase. Because people tend to overestimate their ability to buy a home, Zillow notes that it’s likely “many of these plans will not come to fruition.”
In the study, young adults also expressed some pretty traditional views about home ownership. About two-thirds said owning a home is part of living “the good life” and the “American dream.” They also had an exaggerated view of how the housing market works on a large scale; they were more likely than older age groups to say home prices are likely to rise rapidly as well as fall rapidly.
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This article originally published at https://dc.urbanturf.com/articles/blog/zillow_young_renters_confident_that_theyll_buy_just_not_yet/9001.
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