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Rent Rise Stimulates Homebuying

By Morgan Saylor

One in four homebuyers seek to purchase a home because rent is too high, according to a survey.

 

The Housing Wire reported last week that a survey done by Redfin targeting 750 homebuyers revealed rent prices were a factor in 24% of people’s decisions to purchase a home, though it was not the main motivator for opting to buy instead.

 

That spot is still occupied by “a life event” as the reason for buying a home, referring to major life events such as the birth of a baby or marriage.

 

According to Zillow, while rent isn’t projected to continue to rise at the previous rates, rent will remain unaffordable in some markets across the United States.

 

Sources: http://www.housingwire.com/articles/36383-rising-rent-inches-closer-to-becoming-top-reason-to-buy-a-home, http://www.housingwire.com/articles/36098-good-news-renters-rents-to-finally-flatten-in-2016

Tags: First Time Home Buyers, Rent, Renting, Market, Home Sales, home buyers, Rental Market, Buying