Renters View Ownership Favorably, but Don’t Plan to Buy Soon

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Renters figure to stay renters, at least for the next three years, according to a new report by Freddie Mac. Still, most American renters want to own a home.

Renters cite continued financial struggles as preventing them from pursuing the dream to own a home, which 91% of respondents said they still think homeownership is something to strive for.

The survey of 2,000 Americans, taken in August, presents a stark, but perhaps unsurprising, picture of a large section of America still recovering from 2008’s mortgage crisis.

Of respondents who rent, 62% say they live payday to payday. Only 39% of renters said that they plan to buy in the next three years, and most of those belong to the 25- to 44-year-old demographic. “If a renter hasn’t owned by age 45,” the report said, “then chances are they will continue to rent throughout their lifetime.”

Two-thirds of respondents also said that renting provided protection against home price declines.

Article source: http://www.nationalmortgagenews.com/news/origination/renters-view-ownership-favorably-but-dont-plan-to-buy-soon-1043312-1.html

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