Many renters in the United States worry that they will never be able to buy a home, citing a lack of affordability, according to a recent survey.commissioned by Redfin and conducted by Qualtrics surveyed 3,000 residents. Out of this number 1,000 participants indicated they were renting.
Among the list of reasons were “rising home prices and mortgage rates” that are making it difficult for renters to “believe in the American dream of homeownership.” “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.
Other reasons for renters not being like to purchase a home included regular maintenance and upkeep being too expensive, lack of homes available to purchase, and needing to pay off student loans first.conducted by the St. Louis Federal Reserve’s Institute for Economic Equity found that one in three people from Generation Z had a lack of income and a negative outlook on the economy.that in 2022, as renters dealt with increasing rent during the COVID-19 pandemic, “a record half of U.S.
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Source: Newsweek - 🏆 468. / 52 Read more »