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Survey: 75% of Wisconsinites plan to buy a home in the next 5 years

Home sales
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MILWAUKEE (WTAQ) - Every so often, you'll hear that it's not worth it to own a home.

But most young people in Wisconsin don't believe that.

A new survey from BMO Harris Bank shows that three-fourths of Badger State residents ages 18 to 34 plan to buy a house in the next five years. 14 percent of prospective buyers will settle into their first homes -- and BMO Harris officials say the figure might have been higher if many young adults didn't have so much college debt to pay back.

Michael Gregory, the head economist for BMO's Capital Markets, said many renters are delaying home purchases -- and while the market is on the rise, student debt still puts a negative "trickle down effect on the overall housing recovery."

Gregory says U.S. student debt has doubled in the last 7 years. The total is now over a trillion dollars.

BMO Harris also found that 52 percent of Metro Milwaukee residents of all age groups expect to buy new housing in the next 5 years.

(Story courtesy of Wheeler News Service)

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