The Zillow Housing Confidence Index (ZHCI) is reporting that more than 12 percent of current renters in the United States – which equals approximately 5.2 million – say that are planning to buy a house in the next year. This is a nearly one million more than last year who hoped to buy.
Nearly 60 percent of those surveyed stated that owning a home is a reasonable – and possible – long-term investment.
Analysts say that historically low mortgage interest rates and home values still below peak level along with high rental rates are behind this attitude. In fact, some experts argue that the lack of affordable rentals – 300,000 to 400,000 new units are needed every year just to keep up demand – are the prime motivating factor to owning a home.