Many renters live paycheck to paycheck — and 61% plan to keep renting in the next three years, new Freddie Mac research shows.
Here are some key results of our consumer study:
⇨ While 61% of renters think they will continue to rent in the next three years, 91% of them say that homeownership is something to be proud of.
So who's most likely to buy a home or keep renting?
⇨ Of the 39% of renters who expect to buy over the next three years, most are young people age 25-44.
Why do most renters think they'll keep renting?
The top three answers:
- Can't afford downpayment (50%)
- Don't want responsibility of owning a home (39%)
- Can't afford mortgage payment (38%)
Many renters say they tend to live paycheck to paycheck. 45% say that they have just enough money to get by. And 17% say that they don’t have enough money for basics, like food and housing, until the next payday. Yet only 38% of homeowners indicated a financial hardship.
The survey also found that if a renter doesn’t buy a home by age 45, odds are they never will.
Freddie Mac commissioned Harris Poll to survey more than 2,000 U.S. adults online last August to get their take on renting in the post financial crisis market. The survey will be conducted quarterly.
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