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.
