Non-homeowners becoming less likely to buy homes

by Ryan Smith29 Apr 2015
Non-homeowners are becoming less and less likely to buy a home, according to a new Gallup poll.

The percentage of non-homeowning Americans who say they don’t think they’ll buy a home “in the foreseeable future” has risen to 41%, up from 31% just two years ago, according to Gallup.

The short-term housing market, however, may see little change; non-homeowners’ expectations of buying a house within the next five years stayed essentially the same between 2013 and 2015, dropping just one percentage point from 37% to 36%. But the dramatic drop in long-term plans to purchase a home may have an effect on the long-term market, Gallup reports.

“One of the long-running facets of the ‘American Dream’ has been the ability to buy a house,” writes Gallup’s Art Swift. “Yet seven years after the market crashed in 2007-2008, it appears that a renewal of zeal for home buying may not yet be evident in the United States.”

The overall homeownership rate, meanwhile, fell to a 22-year low last month.



Is TILA-RESPA a good or bad thing long term?