A quarter of U.S. renters will never buy: report

August 18, 2010 05:30PM

Pete Flint of Trulia

According to a national survey by Trulia, more than a quarter of people who rent their homes nationwide never plan to buy a home, the South Florida Business Journal reported. Trulia found that 27 percent of renters have no plans to purchase their homes at any point, and of those who do plan to buy, two-thirds will wait more than two years. The delays in purchasing could slow the housing market’s recovery, experts said. “Renters converting into buyers are crucial to turning around the housing slump,” said Trulia CEO Pete Flint. When asked what could influence them to buy a home in the next year, 47 percent of the 2,055 people surveyed said being able to save for a downpayment was a factor; 28 percent said getting a new job was an issue and 27 percent said low or lower interest rates played a role. Trulia, which runs a website for people looking to buy a home, also found that only 9 percent of those surveyed said a big home — over 3,200 square feet — was ideal. More than half prefer a home that’s between about 1,400 square feet and 2,600 square feet. [SFBJ]