The Lawhead Team would like to share the latest “One Cool Thing” from California Association of Realtors® about going from renting a home to buying a home:

The majority of renters who plan to purchase a home soon don’t expect to move far when they do. More than half will stay in the same county, if not the same neighborhood.

So, where will they live?

• 41% of new home buyers will live in the same county they currently reside.
• 23% don’t know where their home they buy will be.
• 14% will buy a home in the same neighborhood as their current rental residence.
• 11% will live in another county in California.
• 10% will move to another state to buy their home.
• 1% will buy a home in another country.

Do renters plan to use a REALTOR® when they buy a home?

• 56% said YES
• 36% said they don’t know
• 8% said NO

Young Optimism – What the younger generation is saying about owning a home from California Association of Realtors’ “One Cool Thing”.

Whether they are in a position to buy now or are still saving toward their dream, young renters are optimistic about home ownership.

“One Cool Thing” took a survey on the younger generation’s optimism on the pluses of owning a home versus renting:

• 81% of the younger generation felt owning a home allows you to live in a nicer home.
• 80% of the younger generation felt owning a home was a good way to accumulate wealth.
• 76% of the younger generation though owning a home was a good investment to make over the long run.
• 75% of the younger generation felt owning a home helped you engage in your community.
• 66% of the younger generation thought owning a home instead of renting will leave you better off overall financially.
• 62% of the younger generation thought it gives you a better sense of privacy and security.
• 51% of the younger generation felt owning a home instead of renting would be the best decision given the current economic climate.

In 2013, on average, 89% of younger renters said they were still planning to buy a home at some point in the future.