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