Approximately 75% of non-homeowners believe homeownership is part of their American Dream, while nine in 10 current homeowners said the same, according to new consumer survey data from the National Association of Realtors®.
NAR’s Aspiring Home Buyers Profile analyzed 2018 quarterly consumer insights from its Housing Opportunities and Market Experience (HOME) survey1 to capture the housing expectations and sentiments of non-homeowners – both renters and those living with a family member.

When non-homeowners were asked for the chief reason why they currently do not own a home, most respondents said it was because they were currently unable to afford a mortgage. Over the last quarter of 2018, 43% of non-owners said they did not own a home because they were not in a position to purchase, which was down from the third quarter of 2018, when 49% of non-homeowners answered the same. Also in the 4th quarter, 33% of non-homeowners said they do not own because current life circumstances are not suitable for ownership, while 16% said they need the flexibility of renting.
In addition, the survey looked at the main reason why non-homeowners would buy a home in the future. Throughout 2018, 28 to 31% of non-owners each quarter said an improvement in their financial situation would be the top reason that would encourage them to buy a home in the future. In each quarter, 26 to 30% of non-owners said a change in lifestyle – such as getting married, starting a family or retiring – would be the primary reason they would make a future home purchase.
Lawrence Yun, NAR chief economist, says unaffordable housing has caused a number of potential buyers to hold off on purchasing a new home. “The lack of affordable and moderately priced homes has forced non-homeowners to delay achieving that part of the American Dream. However, as the survey confirms, significant lifestyle changes like marriage or starting a family often spur non-owners to pursue home-ownership.”
Family or friends moving into home, other changes within household
For this year’s survey, homeowners and non-owners were also asked about adult family or friends moving into their homes, the span of time this individual(s) lived within the household, and if they thought about moving to a new home because of the change.
According to the survey, 11% of homeowners had an adult child move into their residence, while 5% of non-owners had an adult move into their home.
Of those who had someone move into their home, 44% said that the individual intended to live with them for over one year or to stay permanently. 44% of non-owners reported that the individual planned on living with them for between six months to one year.
88% of those surveyed who had someone move into their home reported that their living situation remained acceptable and therefore did not warrant consideration of moving into a different home. 12% said they did consider moving or ultimately did move due to their home situation changing.
“While home sales were slightly down in 2018, there is still a sizable pent-up housing demand. Economic growth, interest rates, and the supply of moderately priced-homes will dictate how well the real estate industry will do this year,” said Yun.”
About NAR’s HOME survey
In each quarter of 2018, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via landlines. The survey was conducted by established survey research firm, TechnoMetrica Market Intelligence. A total of 8,140 household responses are represented.