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80% of Renters Believe Homeownership is a Part of Their American Dream | Bergen County Real Estate

    80% of Renters Believe Homeownership is a Part of Their American Dream

    The American Dream is alive and well in Bergen County and it appears that millennials will follow in their parents’ footsteps in search of a home to call their own.  It has been speculated that millennials would prefer a less attached lifestyle that comes with renting a home but according to recent report that fear may be unfounded.  Buying a home in Bergen County is still part of the American dream and a goal of both young and old.

    80% of Renters Believe Homeownership is a Part of Their American Dream | Bergen County Real Estate | Gibbons Team Real Estate

    To better understand if you are ready to purchase a home you should understand the process and what you are looking for in a new home.  Here are some resources to help you make an informed decision and be prepared before you start looking.

    Bergen County Real Estate Homebuyer Resources

    What should you know before buying a home in Bergen County

    According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.

    The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.

    So, what is holding renters back?

    What's Holding Renters Back From Buying | Gibbons Team Real Estate

    What would make renters take the plunge?

    What Will Push Renters to Consider Buying | Gibbons Team Real Estate

    NAR’s Chief Economist, Lawrence Yun believes that,

    “Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”

    Yun goes on to warn that,

    “However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”

    Bottom Line

    If you are one of the many homeowners whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream.

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