A new data report may cast a darker cloud over the already problematic subject of shrinking housing inventory. According to a study released by Bankrate.com, 79 percent of homeowners have no plans on moving in the next decade while 62 percent of homeowners insist they have no plans to move at all.
Bankrate.com’s study found that 21 percent of homeowners own their primary residence without carrying a mortgage while 32 percent are now paying off a home loan. And while the median reported mortgage rate is 3.95 percent, 29 percent of respondents claimed they didn’t know their mortgage rate or would not identify the rate.
Furthermore, 39 percent of both Gen Xers and Baby Boomers said they have a mortgage on their primary home, while 27 percent of younger Boomers (ages 54-63), 38 percent of older Boomers (ages 64-72) and 51 percent of the Silent Generation (ages 73 and higher) own a home without a mortgage. In contrast, 61 percent of Millennials between 18 and 30 said they do not own their main home, while Millennials (ages 31-37) are equally as likely to own a home than not (43 percent).
“Americans are essentially staying put in their homes for the foreseeable future, either by choice, or by necessity or some combination,” said Bankrate.com Senior Economic Analyst, Mark Hamrick. “Because of this, prospective homebuyers are finding a real lack of quality, affordable inventory, which can lead to bidding wars and risky overspending.”