Good news for Realtors and builders: Homeownership rates could be coming back around.
A new survey from Opinion Research Corp. found that 52 percent of current renters said they plan to buy a home within the next five years.
Maybe that will flip the most recent renter-occupied numbers. In Central Pennsylvania, that was 29.5 percent of all occupied dwellings in 2011 — up from 27.3 percent in 2006.
And maybe it’s already happening with some sales recovery in the housing market.
Difficulties getting financing was third among reasons renters don’t plan to become homeowners, according to the survey.
More reported that they don’t want to buy a home because they enjoy the renter lifestyle or they simply don’t want to be homeowners.
Some 84 percent of single-family renters said property management was good or exceptional compared with 69 percent of apartment renters. About 1 in 4 said management was only adequate, according to the survey.
Construction spending down
In other industry news, construction spending was down 2.1 percent in January compared with December’s revised estimate of $902.6 billion, according to preliminary figures from the U.S. Census Bureau.
Total construction was valued at a seasonally adjusted annual rate of $883.3 billion.
Of course, that’s better than where we were from the latter part of 2009 through most of last year.
Of that total, private construction accounted for $614.2 billion, which dropped from $630.9 billion in December. Nonresidential construction was estimated at $309.7 billion, which was down 5.1 percent.
Residential construction was flat compared with December, with an estimated $304.6 billion in spending.
Nevertheless, single-family and multifamily home construction was up 30.2 percent and 54.9 percent, respectively, for the year, according to the bureau.
For the year, private residential construction was up 22 percent. Private nonresidential was up 4 percent.
On the public side, spending was $269 billion, or 1 percent below December’s estimate, the bureau said. For the year, it’s down 3 percent.
We’ll have to wait and see.