A new survey of consumer preferences found that an overwhelming majority of current renters say, if they were to move, that they’d prefer to buy a single-family home. In fact, a full 75 percent of renters who responded to the National Association of Realtors quarterly Housing Opportunities and Market Experience survey said they’d like to own a home and just 21 percent of them said they’d prefer to buy in an urban area. Lawrence Yun, NAR’s chief economist, said the fact that most Americans prefer a larger home outside of the city isn’t exactly news. “The American Dream for most consumers is not a cramped, 500-square-foot condo in the middle of the city, but instead a larger home within close proximity to the jobs and entertainment an urban area provides,” Yun said. “While this is not a new discovery, supply and demand imbalances and unhealthy levels of price growth in several metro areas have made buying an affordable home an onerous task for far too many first-time buyers and middle-class families.” But while a majority of renters and younger buyers said they’d prefer a larger home in the suburbs, respondents over the age of 65 were the most likely to consider buying a condo and almost as likely as respondents under the age of 35 to say they’d consider buying in an urban area. More here.

For all your mortgage needs or advice, please contact me – or visit www.robertfairhomeloans.com. I welcome all questions and feedback.

Advertisements