Most Renters Don't Think They'll Ever Be Able to Own a Home

Photo by Ryan Holloway on Unsplash

Lender Freddie Mac and Freddie May released 'Profile of Today’s Renter and Owner', new stats covering 4000 homes on the current state of renting and owning... and only about 24 percent of renters feel that they will one day own a home.

37 percent of those surveyed feel that they are 'somewhat likely' to own one day. Low and middle-income renters say that coming up with the money for a down payment and closing costs was their biggest obstacle.

Most Millennials are concerned about the situation, mainly due to student loan payments and childcare costs. No surprise here, Baby Boomers (born between 1946 - 1964) spent the least on housing (in terms of percentage in relation to their income) when compared to renters of all other generations. Only 17% of Boomers spent more than a third of their income on housing.

However, the data also shows that in the past few years, both renters AND owners have had to migrate around to find affordable housing.

Photo: Unsplash

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