A new survey shows record-breaking low statistics for people hoping to buy homes. What does this mean for real estate investors?
Recently, the Federal Reserve Bank of New York published its annual SCE Housing Survey. The study highlights key trends and interests among property renters and buyers and how they change every year.
However, the 2022 edition of the survey shows that the idea of buying homes is slowly but surely disappearing.
According to the SCE Housing Survey findings:
“Renters see a lower probability of ever owning a home; their reported average likelihood of owning fell to 43.3% from 51.6% a year ago — the first reading below 50% in the series’ history.”
The reasons for these record low stats include the economy, job market, and sky-high home prices. They’ve been rising steadily for years now and don’t look like they will slow down or stop anytime soon. As a result, many potential buyers are being priced out of the market.
Additionally, younger generations prefer renting over buying, not only for the financial aspect, but also for the flexibility.
What do these potential home buyer statistics mean for real estate investors?
As a property investor, your eyes should always be on these trends and market interests.
Look at it this way. If homeownership becomes less popular, it likely means that demand for rental properties will continue to boom. This will lead to higher rents and increased property values.
If you’re a real estate investor, look at THESE NUMBERS AS a massive opportunity.
All in all, there’s no better time to invest in multifamily properties.
Why? It’s clear that there will be no shortage of renters.
With the right property and management, you can make a lot of money in this business.
If rent prices keep on rising, that means more cash flow and the ability to invest in even more properties.
Check out my Free Real Estate Training to see how I did it.