Many Americans have began celebrating the growth of the housing market. Maybe they haven’t read the results of a recent survey regarding the personal finances and economic conditions. The data from these studies showed the standards of personal finances lowering as well as the expectations regarding home ownership.
Low home prices and extremely low interest rates in the housing market indicate that the time to buy is better now than it has been for some time. Economists share that the mental outlook of potential home buyers has improved but still question the length of this pattern. With the average rental rates continuing to climb, low home prices, and record low interest rates, what do able buyers have to lose?
Results from a recent survey state that 35% of Americans believe that home prices in the United States will increase within the next year. The amount of correspondents who reported that they would purchase a home if they had plans to relocate has increased by 6%. This is a record for the last two years this survey was conducted.
- 36% of Americans believe that the economy of the United States in showing signs of growth.
- 57% of American believe the opposite and predict that the condition of the economy is still declining.
- 42% of Americans reported that their financial conditions did not change over the last 12 months.
- 18 % reported that their household income has improved
Renters and Homebuyers
- Average home price expectation has increased to the highests it’s been since 2010
- 35% of those surveyed believe that prices for homes will increase within the next year. (Record High)
- 37% of respondents believe that mortgage rates in the U.S. will increase within the next year.
- 73% of respondents agree that the time to buy is now
- 15% of those surveyed think that now is the time to sell, not buy
- Those surveyed reported that the expected percentage increase in home rental prices will be 4% over the next 12 months.
- 48% of the those survey expect home rental costs to increase within the next year
- 5% believe that the home rental rates will decline
- 27% of respondents would rent if they had plans to relocate
- 36% percentage of those surveyed who believed that the economy is on the way to recovery
- 42% of respondents believed that their personal financial conditions would not change at all within the next year
- 43% of respondents believed that their personal financial conditions would improve within the next year
- The percentage of respondents who expect their personal financial situation to stay the same over the next 12
- 18% of those surveyed reported that their household company is larger than it was 1 year ago.
- 55% of respondents indicated that their household expenses have remained the same over the past year