Fifty percent of Americans recently surveyed say they expect home rental
prices to rise in the next year, and it’s making them lean more toward home
ownership, according to the Fannie Mae October National Housing Survey, which
surveyed 1,000 Americans.
"This has been a year of steady growth in the percentage of consumers with
positive home price expectations," says Doug Duncan, Fannie Mae’s senior vice
president and chief economist. "Increasing household formation, encouraged by an
improving labor market, is adding additional momentum to the housing recovery
and putting upward pressure on rental price expectations. Expected increases in
both owning and renting costs may encourage more consumers to buy and add
further strength to the housing recovery already under way."
Rental price expectations continue to rise and are much higher than home
price expectations, according to Fannie Mae.
More Americans say that with rising rents, home ownership is looking like a
better option. Seventy-two percent of those surveyed say that now is a good time
to purchase a home. Eighteen percent say it’s a good time to sell.
Still, the optimism over the direction of the housing market is met with some
caution and predictions of a slow recovery--not a high speed one, according to
Fannie.
Source: Fannie
Mae
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