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.



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