CBS: Nearly 50% Renters In CA Want to Buy Home But Can’t Afford

CBS: Nearly 50% Renters In CA Want to Buy Home But Can’t Afford
June 8, 2016 Peter

6Nearly half of California renters plan to buy a home, but many can’t afford it, according to a survey released Wednesday by the California Association of Realtors. Forty-eight percent of those surveyed said they plan to buy a house. Ten percent said they plan to buy within a year. For those not planning to buy, better financial status, lower housing prices and saving enough for a down payment would motivate them to buy now. Of the 28 percent of renters who said they don’t plan to buy in the future, half said they can’t afford it, 20 percent prefer to rent, 19 percent said they can’t qualify for a mortgage, and 15 percent lack a down payment.

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