Inaugural report shows strong confidence for key measures
A new measure of housing market confidence has been launched by Chase in association with Pulsenomics.
It shows that Western markets are leading confidence in housing markets with Dallas, Denver, and Las Vegas having the highest confidence levels.
Dallas also shows the greatest optimism among renters that they will one day own a home (80% vs 70% nationally) with 70% planning to buy within the next 5 years compared to 60% nationally.
The Chase Housing Confidence Index™ (HCI) tracks confidence in housing markets using data from the US Housing Confidence Survey with responses from more than 15,500 homes. It uses a 0-100 scale with anything above 50 being positive.
“These record results were driven by healthy assessments of local real estate market conditions among existing homeowners, but even more so by surging expectations among renters," said Terry Loebs, founder of Pulsenomics. “Seven in ten renters now express confidence in their ability to afford a home someday, and nearly three-quarters of those with an opinion say that buying a home is the best long-term investment a person can make.”
What do renters want from their first home purchase?
First-time buyers will be looking for a home that’s in a safe neighborhood (53%) with the size of the home (28%) and the size of the backyard (25%) the next most important.
Millennials rank somewhere that is a short commute to work (31%) more important than whether it is urban or suburban.
