Concerns of the depleting and then crashing economy in 2010-2011 (some areas saw this years prior) caused many consumers to shy away from getting a piece of the American dream. As banks foreclosed on homes, more and more people became renters as a temporary alternative to owning a home.
Recently, the market has been on the rise, and housing specifically seems to be picking up. A recent survey was conducted by the National Association of REALTORS that showed a concise agreement that consumers view homeownership a top priority as compared to previous years.
Americans overwhelmingly believe owning a home is a good financial decision and a majority of renters say homeownership is one of their highest priorities for the future. The 2013 National Housing Pulse Survey also found that renters are thinking more about purchasing a home now than in past years, while the number of people who say they prefer to rent has declined.