According to a recent study by Zillow, homeownership has become more affordable than renting in the majority of metro markets across the US. As rents continue to increase, more renters are exploring the option of buying property, and it looks like a large portion of them will be transitioning to homeownership in the near future.
According to The Federal Reserve Bank of New York’s February 2018 Survey of Consumer Expectations (SCE) Housing Survey, the average probability of buying a home in the next three years for renters was 42%. This means nearly half of today’s renters will be in their own homes by 2021.
If you’ve been thinking about buying a home, make sure you’re in the 42% of renters who transition to homeownership in the near future. The sooner you make a move, the better.