Home buying is not a near-term goal for many renters.
This is according to the 2013 National Renters Survey, published by Premier Property Management Group. The survey found that 20 percent of apartment dwellers and 25 percent of individual property dwellers plan to stay where they currently rent for five or more years. About half of those surveyed said they plan on becoming homeowners after five years.
Renters are more concerned with current quality of life and convenience over home ownership, according to Ryan McNamara, senior vice president of the Las Vegas-based B&R Property Management, an affiliate of Premier Property Management.
“I believe that 60 percent of apartment dwellers do not anticipate becoming homeowners in the next five years because many have dragged down their credit to a point that they know home buying won’t be an option,” McNamara said.
“Most mortgages require money down and many families are living paycheck to paycheck and do not have capital saved to make home buying a reality.”
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