Half of non-homeowners expect to buy homes in 5 years

By Jeffrey M. Jones | Gallup

An additional 20% expect to buy a home in the next 10 years

One in five homeowners plan to sell in the next five years

Roughly half of U.S. adults who currently do not own a home, 49%, say they will buy a home within the next five years, up slightly from recent years. An additional 20% say they plan to purchase a home in the next 10 years, leaving just 28% who expect to remain renters or in other living arrangements for the foreseeable future.

Related: This satirical video about millennial home buyers is all too real

The results are based on interviews with 502 non-homeowners in a March 9-29 Gallup poll. They indicate that a majority of this group plans to buy homes in the near future, including 10% over the next 12 months, 39% in the next five years and 20% within 10 years.

The U.S. housing market has largely recovered from the severe downturn that occurred after the housing bubble burst in the mid-2000s. Gallup recently reported that 61% of Americans expect housing prices in their area to increase in the coming year, the highest percentage making that prediction since 2005.

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