The findings reveal that 51 percent of current homeowners and renters indicate the current state of the market has not crushed their overall enthusiasm to buy a home. However, many consumers are tightening their financial belts, which is driving more people to rent instead of buy. In addition, the study showed that 33 percent of Americans would rather rent their next home than buy, a figure that is up 30 percent from January.
As for renters, 59 percent of them say their next housing move would be a renting situation, compared to 54 percent in January. Economists feel that the current financial crisis facing the country has created a conservative housing finance climate, a trend that is affecting plans for relocation.
Doug Duncan, Fannie Mae's vice president and chief economist, says, "Despite Americans' strong desire to own their homes, our study reveals that life events are greatly influencing families' decision to rent."
A report earlier this year by Trulia revealed that in some Florida and Arizona cities homeownership is more affordable than renting.
More News