Survey finds that nearly 40% of U.S. renters don’t believe in their ability to ever own a home
The ongoing lack of housing affordability is prompting more renters to doubt their ability to become homeowners. According to a recent Redfin survey, nearly 40% of U.S. renters don’t believe in their ability to ever own a home, up from roughly 27% less than a year ago.
While lack of affordability is the dominant reason for renters to believe they’re unlikely to become homeowners, nearly half of renters feel that available homes are too expensive. Among other reasons preventing renters from becoming homeowners, respondents listed the difficulty of saving for a down payment (35%), the challenges of affording mortgage payments (33%) and high mortgage rates (32%). Lastly, a slim portion of respondents (14%) were not interested in owning a home.
Redfin commissioned Qualtrics to survey 3,000 U.S. residents, including about 1,000 renters, in February 2024.
During the four weeks ending April 7, the median monthly U.S. housing payment hit $2,747, up 11% from a year earlier, according to a different Redfin report. The median sale price was $378,250, up 4.5% year over year, while the average 30-year fixed mortgage rate was 6.82%.
The one-two punch of high home prices and high mortgage rates have pushed homeownership out of reach for many Americans. On average, first-time homebuyers must earn $76,000 to afford the typical U.S. starter home, up 8% from a year ago and up nearly 100% from pre-pandemic figures, Redfin reported.
In the past year alone, home prices grew by 7% and monthly mortgage payments rose more than 10%.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now — especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” Redfin chief economist Daryl Fairweather said in a statement.
Yes, is very hard to save up to be able to buy a home when you’ve got to collect high-priced sneakers, invest in videogames, and go to restaurants for all your meals. Wah wah wah.
I would like to give you an example of out of control housing prices and property taxes.
Dad bought their house in 1964 for around $13,800. 1400 square foot, 3 bedroom, 1 bath on a 1/4 acre.
Dad died in 2001. Mom died in 2004. My brothers and I sold the house for $226,000. A year or so later, the house sold for $336,000. The estimated value of that house today is $485,000.
It’s not all about sneakers, videogames and fastfood.
Side note, I bought my house and property in 1997 for roughly $90,000. Estimated value now is $236,000.
This doesn’t count the increasing thousands of Mom & Pop’s seemingly permanently basement-dwelling offspring. Government isn’t doing anything for them except keep them poor, dumb and docile.
That is because you all are slaves and keep letting them raise and raise and raise taxes and fees to take more of your money. Like I said Berlin would do, and they have every single year for the last 8 to 10 years. And you morons think you can move from taxes. When you are on the verge of losing everything, then you will care, then your tune will change. And SOP says it will be to late per usual.