(NBC News) The number of pending home sales made a sharp rebound in February, but new research shows many would-be home buyers are still being left out.
Home prices hit a 31 month high in january, leaving many feeling priced out of the market.
“This great mismatch by home price growth and income growth is bringing additional challenges to people who are renting and wanting to convert into ownership,” says National Association of Realtors Chief Economist Lawrence Yun.
Affordability isn’t the only factor, especially among millenials. Many say lifestyle is driving their decision to rent rather than own.
“I have the option to live in an area that I would not be able to afford to buy a house,” says renter Kristen Wood.
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