American renters are growing more confident in the housing market, and more than 5 million are planning to buy a home this year, according to the Zillow Housing Confidence Index (ZHCI).
More than 12 percent of current renters nationwide – roughly 5.2 million – said they plan to buy in the next year, an almost 25 percent jump from the same time last year, when 4.2 million renters said they had plans to buy within 12 months.
Among all renters surveyed nationwide, 59.7 percent said they think buying a home is the best long-term investment a person can make, compared to 56.9 percent at the same time last year. This improved long-term outlook was especially evident among younger renters. Among all 18- to 34-year-old renters, 66.2 percent said owning a home was the best long-term investment, compared to 61.4 percent last year.
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