So much for the American dream. More than one in four renters (27%) surveyed by real estate search company Trulia never plan to buy a home. Ever.
And of the renters who do plan to buy a home, 68 percent don’t plan on doing so for more than two years.
Not great news for home sales, which have declined steadily since the homebuyer tax credit expired.
“Large numbers of people delaying their plans to buy a home, or not planning to buy at all, could have an enormous domino delaying effect on economic recovery in the U.S.,” said Pete Flint, CEO of Trulia, in a press release.
“Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home.”
But don’t fret – 72 percent of Americans still believe home ownership is part of their personal American dream, although that number is down from 77 percent six months ago.
Check out the “tipping factors” that would encourage current renters to buy within the next year:
Trulia conducted the survey between July 22-26, with responses coming from 2,055 U.S. adults aged 18 years and older. The sample included 1,345 homeowners and 663 renters.