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Owning a home has been a traditional cornerstone of the American dream. Yet, with inflation and prices skyrocketing much faster than most salaries, growing amounts of people feel the American dream is just that - a dream.

To make matters worse, job loss is becoming more common as various companies downsize or even close certain retail locations altogether. Due to changes in the economy and consumer spending habits, various businesses are laying off their workers.

In light of all this, the popularity of gig jobs, freelance projects, and other forms of independent contracting has grown in recent years. Though as people's financial situations become less stable, an increasing amount of renters feel they'll never know what it's like to own a home.

No hopes for future homeownership?

Days ago, real estate giant Redfin put out a report confirming that rent costs continue skyrocketing nationwide. However, the company also noted that with more housing units under construction, this will eventually lead to less expensive costs for basic living.

Many renters don't feel that a cozy future awaits them, though. In fact, almost four in ten Americans currently renting property feel they won't ever own a home. In summer 2023, only 27% of renters shared this pessimistic outlook.

Topping the list of reasons is the overall cost associated with homeownership. Then, the factors of needing to save funds for a down payment and keep up with a monthly mortgage followed. Many individuals don't see either of these things as realistic future endeavors.

Just 14% of renters today do not currently wish to own a home.

This could be quite problematic later down the line

In an economy where housing affordability is an issue, many have posited that this bodes well for sellers. However, it can be a double-edged sword. If too many homebuyers become priced out of the market, people looking to sell their residential properties will end up stuck with them.

The months and years ahead will determine not just the future that awaits our nation's renters, but also the fate of homeownership itself. Will more available housing units lead to price decreases? Only time will tell.