A recent survey from the Federal Reserve Bank of New York indicates U.S. households expect home prices to continue to rise at a faster rate over the next year and that the value of their homes will appreciate at a slower rate over the next five years.
In addition, the survey shows that most Americans also expect rents to rise in the short- and medium-term.
Current homeowners and renters expressed a lower expectation of buying a home if they were to move over the next three years. In fact, 54.3 percent said they expect to stay in their current home for more than 10 years, while only 9.4 percent feel that would stay for less than two years. Just over 43 percent of renters surveyed say they have low expectations of ever owning a home.
…