The American Dream is still alive for young renters, C.A.R. survey finds

November 22, 2013

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LOS ANGELES, CA – November 22, 2013 – (RealEstateRama) — Despite the financial toll the recent financial crisis has had on Americans, renters continue to hold homeownership in high esteem, and it remains a goal for the majority of them, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 Renter Survey.”<span id="more-2795"></span></p> <table width="100%" cellpadding="0" cellspacing="7" border="0"> <tr bgcolor="#FFFFF1"> <td width="51%" align="center"> <h5><a href="http://www.ifossick.com/multiple-search/usa/media/US-National/CAR.html" target="_blank" rel="nofollow"><font color="#3300FF">CAR in National News</font></a></h5> </td> <td width="49%" align="center"> <h5><a href="http://www.ifossick.com/multiple-search/usa/media/Social/CAR.html" target="_blank" rel="nofollow"><font color="#D50000">CAR in Social Media</font></a></h5> </td> </tr> </table> <p>Nearly three-quarters of renters rated homeownership as “important,” and more than half of renters (52 percent) said they plan to buy a home in the future, as nearly all see the advantages of owning versus renting.</p> <p>“It’s encouraging that the majority of renters still believe buying a home is a good investment, even after the adverse effects of the Great Recession,” said C.A.R. President Kevin Brown. “Renters clearly see the benefits of owning a home, citing building equity, freedom to do what they want with their home, pride of ownership, stability, and tax deductions as the top advantages of homeownership.”</p> <p>This is the first time C.A.R. has conducted its Renters Survey. The survey was conducted by telephone to 800 home renters statewide from April 26-May 25, 2013. The survey was also conducted online to 875 home renters statewide in August 2013. Demographic profiles of the two sets of respondents varied some, with the most significant difference being their age. The median age of online respondents was 39 and was 45 for telephone respondents.</p> <p>While almost half of all respondents believed that gaining equity and investing for their future and their children’s future was an advantage of homeownership, online respondents were twice as likely to carry that belief. Online respondents were also three times as likely to believe in freedom gained from homeownership and were twice as likely to take pride and feel satisfaction from owning something of their own.</p> <p>There are other interesting differences between online and telephone respondents. Among online respondents to the survey, 33 percent indicated having outstanding student loans, with 84 percent averaging less than $10,000 of student loan debt. Fourteen percent of telephone respondents had outstanding debt, with 17 percent owing more than $50,000.</p> <p>Additionally, telephone respondents are more stationary and are less likely to move in the near future. Meanwhile, more than one-third (35 percent) of online respondents plan to move within the next couple of years. Online respondents, for various reasons, are also more likely to see significant increases in their rents, with 17 percent indicating their most recent rent increase was more than 20 percent.</p> <p>Twenty-six percent previously owned a primary residence, and 6 percent currently own real estate. Of those who previously owned a home, the reasons for selling include: Needed to move for family reasons (24 percent), foreclosure (14 percent), needed to move for work (13 percent), short sale (11 percent), and bankruptcy (3 percent).</p> <p><strong>Other key findings from C.A.R.’s “2013 Renter Survey” include:</strong></p> <p>• Most renters (44 percent) who expressed the desire to own instead of rent were only renting out of financial necessity and the majority plan to buy in the next three years or longer.</p> <p>• Renters mentioned a lack of building equity (24 percent), the inability to make changes to their living environment (14 percent), and unpredictable rent increases (15 percent) as the top three things they dislike about renting.</p> <p>• The majority of respondents prefer to buy a single-family home over condominiums, townhomes, and other types of residences, with 77 percent indicating they plan to purchase a single-family home. Online respondents however are more likely to plan to purchase a townhouse, condo, or a mobile home, with 26 percent saying so, while only 19 percent of telephone respondents indicated planning a purchase of a townhouse, condo, or a mobile home.</p> <p>• More than four out of every 10 renters (41 percent) indicated they plan to purchase in the same county where they currently reside, and 14 percent plan to buy in the same neighborhood.</p> <p>• Currently, about half (51 percent) of all renters live in an apartment, with the remainder residing in a single-family home, a townhouse, or a condominium.</p> <p>• Renters are creatures of habit, with the average tenure in a residence being more than eight years.</p> <p>• Lastly, when asked if they intend to use a REALTOR® to make their home purchase, telephone respondents were more likely to use one, and half of online respondents did not know if they would use a REALTOR®. Online respondents were also twice as likely to begin their search for a home online, while telephone respondents were almost equally likely to begin online and talk to a real estate agent. Seventy-four percent of those that say they will begin their search online also say they plan to use a REALTOR®.</p> <p><strong>Renter Survey slides:</strong></p> <p>• Opinion of home buying as a good investment (<a title="2013Renter1" href="http://www.car.org/media/ppt/2013Renter1.pptx">online respondents</a>, <a title="2013Renter2" href="http://www.car.org/media/ppt/2013Renter2.pptx">telephone respondents</a>)<br /> • <a title="2013Renter3" href="http://www.car.org/media/ppt/2013Renter3.pptx">What renters like about homeownership</a><br /> • Student loan debt (<a title="2013Renter4" href="http://www.car.org/media/ppt/2013Renter4.pptx">online respondents</a>, <a title="2013Renter5" href="http://www.car.org/media/ppt/2013Renter5.pptx">telephone respondents</a>)<br /> • <a title="2013Renter6" href="http://www.car.org/media/ppt/2013Renter6.pptx">When renters plan to buy</a><br /> • <a title="2013Renter7" href="http://www.car.org/media/ppt/2013Renter7.pptx">Intent to use a REALTOR®</a></p> <p>Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.<br />+</p>  <script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script><div class="td-g-rec td-g-rec-id-content_bottom"> <script type="text/javascript"> var td_screen_width = document.body.clientWidth; if ( td_screen_width >= 1024 ) { /* large monitors */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:468px;height:60px" data-ad-client="ca-pub-4765318478912403" data-ad-slot="5509231618"></ins>'); (adsbygoogle = window.adsbygoogle || []).push({}); } if ( td_screen_width >= 768 && td_screen_width < 1024 ) { /* portrait tablets */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:468px;height:60px" data-ad-client="ca-pub-4765318478912403" data-ad-slot="5509231618"></ins>'); (adsbygoogle = window.adsbygoogle || []).push({}); } if ( td_screen_width < 768 ) { /* Phones */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:300px;height:250px" 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block_td_uid_6_677a6c23cab7a.block_type = "td_block_2"; block_td_uid_6_677a6c23cab7a.post_count = "4"; block_td_uid_6_677a6c23cab7a.found_posts = "4100"; block_td_uid_6_677a6c23cab7a.header_color = "#"; block_td_uid_6_677a6c23cab7a.ajax_pagination_infinite_stop = ""; block_td_uid_6_677a6c23cab7a.max_num_pages = "1025"; tdBlocksArray.push(block_td_uid_6_677a6c23cab7a); </script><div class="td_block_wrap td_block_2 td_block_widget td_block_id_3368476966 td_uid_6_677a6c23cab7a_rand td_with_ajax_pagination td-pb-border-top"><h4 class="block-title"><span>Recent Government & Nonprofit Press Releases</span></h4><div id=td_uid_6_677a6c23cab7a class="td_block_inner"> <div class="td-block-span12"> <div class="td_module_4 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="td-module-image"> </div> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/napolitanos-statement-on-trump-administrations-attack-on-clean-water-ID09898.html" rel="bookmark" title="Napolitano’s Statement on Trump Administration’s Attack on Clean Water">Napolitano’s Statement on Trump Administration’s Attack on Clean Water</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/california">California RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-05T00:04:12+00:00" >July 5, 2019</time></div> </div> <div class="td-excerpt"> Rep. Grace F. Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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