One-fourth of renters will never buy a home: survey

The survey, by real estate search site Trulia.com, found 27 percent of renters do not plan to ever buy a home. Although 72 percent still expect to buy eventually, that proportion is down from 77 percent six months ago.

Of those who do hope to become homeowners, two-thirds say they will wait two years or more.

This reluctance to buy could drag out the real estate market’s slump longer than many have predicted, Trulia said.

“Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home,” said Trulia Chief Executive Officer Pete Flint.

Among the factors affecting sentiment: Renters are unable to save for a down payment, or they are waiting to get a new job or for mortgage rates to go even lower.

Full story is available on Reuters.com

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