A survey of homeowners who purchased a home last year found that their primary motivations were affordability and the desire for more living space, the Wall Street Journal reported.
The survey, by Weichert Realtors Inc., polled 1,261 buyers who bought a home between July 1 and Dec. 31. Twenty-eight percent said their main reason for purchasing a home was “favorable financing,” double the amount in 2008. Another 28 percent said they bought a home because they wanted a more living space, which stayed consistent with previous years’ surveys.
Few respondents said they bought a home because they wanted to own rather than rent, a major change from 2005, when 26 percent said desire to stop paying rent was their primary motivation.
Twelve percent of respondents said they bought a home due to relocation, while 11 percent said they were motivated by potential financial growth.