It's a good time to own a home, according to Zillow. Values are up, people want to buy, and homes are selling quickly. However, renters are struggling with confidence as they look to the future, the real estate research team says. Zillow and Pulsenomics, LLC conducted a semi-annual survey over the year to determine confidence among homeowners and potential homeowners across the U.S. The Zillow Housing Confidence Index (ZHCI) bases results off 10,000 surveyed renters and homeowners. The ZHCI at this point in the year is 67.3, up 0.4 from January and 0.8 from the same time last year. The ZHCI is made up of three other sub-indexes that include market conditions, housing expectations and homeownership aspirations. Each sub-index rose from the year prior, which ultimately pushed overall confidence up. Homeowners, renters view the future differently Homeowner confidence rose to 71.3 in July, up 1 point from January and 1.7 points from the previous year. Renter confidence dro...
- Homeowner confidence in the housing market is increasing while renter confidence in buying and affordability goes down, Zillow says.
- The widest gap between owner/renter confidence is in San Francisco, where 71 percent of owners think it's a good time to sell and just 13 percent of renters think it's a good time to buy.
- Chicago has the smallest gap in differing feelings among owners and renters about the housing market.