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Soaring home prices kill renters’ confidence in buying a home

Mortgage rates are near record lows, employment is improving and rents are pricey. So why aren’t more renters taking the plunge into home ownership?

Renters are avoiding buying a home mainly because house prices are soaring. Just 52 percent of renters surveyed in a National Association of Realtors quarterly report said they feel now is a good time to buy — that is down from 62 percent of those surveyed one year ago.

“Paying more in rent each year and seeing home prices outpace their incomes is discouraging, and it’s unfortunately pushing home ownership further away – especially for those living in expensive metro areas on the East and West Coast,” said Lawrence Yun, chief economist for the Realtors.  Current homeowners, however, have a much higher level of confidence in the market, with 80 percent of respondents saying now is a good time to buy a home…Read more

Source: cnbc.com

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