Higher rents are leading more people into the housing market, according to a Redfin survey reported by the company’s data analyst Taylor Marr.
In November, 21% of respondents cited high rent as their top reason for house hunting, which is up from 13% in July.
It’s no surprise, given that rents have been rising rapidly while wages haven’t. Nationally, rents rose between 4% and 5% in 2015 and have advanced by double digits in tech hubs and other cities.
The change in sentiment wasn’t driven by changes in geography, age, price or first-time buyers, all of which remained constant in both surveys.
Redfin also surveyed people on their concerns with buying a home, how they think their home price will appreciate in the coming year, and buyer urgency. To read the rest of the results, click below.