Every year, the New York Federal Reserve publishes the results of their Survey of Consumer Expectations (SCE). Each survey covers a wide range of topics including inflation, labor market, household finance, credit access and housing.
One of the many questions asked in the housing section of the survey was:
Assuming you had the financial resources to do so, would you like to OWN a Home in Maryland instead of RENT your primary residence?Over three-quarters of respondents under the age of 50 said that they would prefer to own their home, rather than rent. While only 52.6% of those over 50 would prefer to own. The full breakdown can be found in the chart below.
When Maryland renters were asked what the average probability of owning a primary residence at some point in their future was, 66.4% of those under 50 believed that they would eventually own their home, while only 23% of those over 50 did.
Bottom LineMany had wondered if young Americans had lost their desire to own a home, but for those renting now, that dream is still alive. If you are currently renting in Maryland, Baltimore, Harford County or surrounding areas and would like to experience the dream of home ownership. NOW is the time. Contact us today, Robert McArtor, Real Estate Professional with Maryland Homes Team of RE/MAX Components at 443-885-0875 or visit our WEBSITE to get started! Equal Housing Opportunity
Your Lifetime Real Estate Agents that are Community minded in Harford County, & Baltimore County. Choosing the right real estate agent and professional is crucial to stress-free and easy home buying or selling in Harford County, & Baltimore County. We have the resources and expertise to guide you through the process. If you have any questions or you're ready to get started, please do not hesitate to call or email us.