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A top reason renters decide to buy? The rent

 

NEW YORK – March 1, 2016 – According to a February survey of 750 homebuyers by Redfin, one in four respondents wants to buy a home because their rent is too high.

That number continues to go up. In November, it was one in five renters looking at ownership because the rent was too high; in August, it was one in eight.

The only choice cited more frequently than "rising rents" as a reason to buy was "major life event," like marriage or the birth of a child.

Meanwhile, another recent report suggests that rent appreciation is expected to slow this year, which "will provide some relief for renters who've been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up," says Zillow chief economist Svenja Gudell.

Source: HousingWire (02/25/16) Swanson, Brena

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