December 27th, 2012
In 2009, many Americans were not able to purchase a home given the state of the economy. Now, just a few years later, mortgage service companies are seeing a renewed interest in homeownership as more people are able to qualify for a loan and as the housing market continues to experience considerable gains.
The PulteGroup Home Index reports that 61 percent of renters plan to purchase a home in the next two years. When asked why they are entering the housing market, 49 percent said they like to be able to call themselves homeowners, while 44 percent said they believe homeownership is a good investment. In addition, 36 percent of renters plan to purchase larger homes that provide enough space to raise a family.
“Across the board we are seeing more confidence in the market in general,” said PulteGroup senior vice president and chief marketing officer Deborah Wahl Meyer. “Also, more families are making a deliberate choice to build a better bond among the generations and live closer to family and friends.”
As more consumers educate themselves on the buying process and get acquainted with the areas in which they plan to purchase property, new homeowners are likely to stay in the home they have purchased for a longer period of time than previous buyers that chose to move every few years.