Renters back off on buying plans, according to Zillow Housing Confidence Index

Takeaways:

Poor performing housing markets — in terms of year-to-year price appreciation — are likely to see the highest volume of renters that plan to buy.
Despite better-than-average home value increases, a number of renters in select metros plan to buy.
Millennials will comprise a significant portion of buyers in poor performing markets moving forward.

Roughly 4.9 million renters, or 11.4 percent of all renters, plan to buy a home in the next year.

In comparison, at the beginning of this year 5.1 million renters, or 12.1 percent of all renters, planned to purchase a home during 2015, according to Zillow’s Housing Confidence Index.

“The housing market is slowing down, and Americans’ confidence in the future of the market is understandably fading a bit, too,” sa…

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