Conventional wisdom says that as rents rise, home ownership become more affordable and renters turn into buyers, but new data says that isn't happening in large numbers, which could have the effect of buoying rents even as more supply is constructed.
A new survey from Gallup sampling home-buying expectations of non-homeowners nationwide found that 41 percent do not plan on buying a home in the "foreseeable future."
That percentage is a big increase from 31 percent in 2013. There was also a dramatic drop in the numbers of those who intend to buy in the next 12 months, to 7 percent from 15 percent.
For a chart breaking down Gallup's nationwide results, head over to Chicago Agent Magazine here.