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Fifty percent of survey respondents said they would rent their next home, a 10 percentage point increase since January 2010.
December 1, 2010
The U.S. housing industry is likely to see increased demand for rental properties, according to the latest Fannie Mae National Housing Survey, which collected data from 3,417 households. For the first time in the survey’s history, delinquent borrowers are more likely to say that they would rent their next home instead of buying.
Fifty percent of survey respondents said they would rent their next home (a 10 percentage point increase since January 2010) and 45 percent said they would buy (an 11 percentage point decline since January).
Nearly three quarters of respondents (69 percent) said they are making a great deal of financial sacrifice to own their home; 54 percent reported to be very stressed about their debt; 46 percent are underwater; and a third have considered stopping their mortgage payments.
Americans expect rents to increase by 2.8 percent over the next year, while home prices are expected to decline by 0.1 percent, according to the survey.
Download a PDF of the survey at: www.fanniemae.com
More like this
- Survey: Affordability and increased living space top reasons to buy in 2010
- NAR survey: First-time home buyers increase in 2010
- NAR survey: Half of metro areas show increase in median home prices
- Survey: One-third of rental properties in U.S. are single-family homes
- Survey: less pent-up seller demand
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