The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Connecticut residents prefer owning their own home instead of renting are:
- They want the opportunity to build equity.
- They want a stable and safe environment.
Building Equity in Connecticut
John Taylor, CEO of the National Community Reinvestment Coalition, explains that those who lack the opportunity to become Connecticut homeowners have a weakened ability to reinvest their wealth:
“We traditionally have been huge supporters of Connecticut home-ownership. We see it as a way to provide stability for households but also as an asset-building strategy. If you continue to be a renter, locked out of the Connecticut home-ownership arena, increasingly those things are further and further out of reach. They’re joined at the hip. They perpetuate each other.”
Family Stability
Does owning your Connecticut home really create a more stable environment for your family?
A survey of property managers conducted by rent.com disclosed two reasons Connecticut tenants should feel less stable with their housing situation:
- 68% of Connecticut property managers predict that rental rates will continue to rise in the next year by an average of 8%.
- 53% of Connecticut property managers said that they were more likely to bring in a new tenant at a higher rate than negotiate and renew a lease with a current tenant they already know.
We can see from these survey results that renting will provide anything but a stable environment in the near future.
Bottom Line
Connecticut homeowners enjoy a more stable environment and at the same time are given the opportunity to build their family’s net worth. Contact a real estate professional at Dave Jones Realty who can help with all of your Real Estate needs!