A new poll by Gallup reveals that an addition 20% expect to buy in the next 10 years and around 20% of homeowners are planning to sell within the next 5 years.
Gallup asked more than 500 non-homeowners about their purchase plans and 61% believe that home prices will continue rising in their area over the coming year, putting pressure on household budgets.
Younger Americans are particularly keen to become homeowners with 58% of 35 to 54 year olds, and 52% of 18 to 34 year olds, planning to buy between now and 2022. Including those who intend to buy within 10 years, just 14% of under 55’s are planning to become homeowners.
Most current homeowners are not keen to sell though with 64% telling Gallup that they have no plans to do so in the foreseeable future.
Perhaps not surprisingly, younger owners say they are more likely to sell than older owners, and mostly to move up the property ladder. While 29% of all age groups are planning to move to a larger home, 49% intend to downsize with older owners most likely to do so.
The figures show potential for even tighter supply conditions in the coming years.
Although there are roughly 3 homeowners for every 2 non-homeowners, the low intention to sell, matched with the high demand to buy will put pressure on tight markets, especially as many of the sellers will also be buyers.
Gallup says that a construction boom could be on the horizon, as the new homes market reacts to increased demand which cannot be serviced by existing homes.
More market update:
The desire to own a home is still very much part of the American Dream with 49% of non-homeowners intending to buy in the next five years.