Industry NewsMarkets & Economy

Renters in no hurry to buy

Survey shows downpayment, job circumstances biggest tipping factors

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Most renters who plan to become homeowners say it will be at least two years before they make the leap, and more than one out of four renters say they'll never buy a home, according to an online survey by Harris Interactive.The "American Dream" survey, conducted in July on behalf of property search site, included 1,345 homeowners and 663 renters.Among those surveyed, 72 percent considered homeownership to be "part of their personal American dream," down from 77 percent six months ago.Among renters who plan to become homeowners, 68 percent said they aren't planning to make their move in the next two years. But 79 percent of that group said they could be prompted to take action in the next 12 months if their circumstances changed.Among that group, 47 percent said they could be spurred into action if they were able to save enough for a downpayment. Another 28 percent said a new job would be a tipping factor, while 27 percent said that if mortgage rates stay ...