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Nearly half of California renters plan to purchase a home in the future and 10 percent are aiming for homeownership within a year, according to a new survey conducted by the California Association of Realtors (CAR).
Nonetheless, many California residents acknowledged financial concerns are keeping them out of homeownership. Forty-six percent of renters said they were renting because they could not afford to buy, while 13 percent stated their poor credit disqualified them from consideration. The remaining respondents, however, stated they were happy in their current situation and saw little reason to change it.
As for those aiming at homeownership, 39 percent hoped to buy a home in the same county where they currently reside, and 23 percent wanted to buy in the same neighborhood. Seven percent stated they would buy a home in another state, while one percent looked even further afield and insisted they wanted to move to another country.