Pandemic Changes Plans for Renters Hoping to Buy a Home
According to a recent survey from RentCafé, the coronavirus pandemic has dashed the plans of those renters planning to transition to homeownership this year. They report that in early 2020, 11% of renters said they were ready and planning to buy a home this year. However, the path to homeownership for 43% of those renters ready to buy has now changed due to the pandemic. Breaking down that group, most changed their plans because of economic uncertainty, followed by loss of income. The survey, which ran at the end of May, asked 7,000 renters about their housing plans before and after the coronavirus hit.
“Considering the survey results, it’s safe to say that the pandemic has had a real effect on the housing plans of most people. The general tendency is to avoid taking many risks during this period of uncertainty and to choose a more economically safer approach. This is clear across all generations, despite some of them showing more stoicism than others.”