A third of renters say they’ll never afford a home—here’s what’s holding them back
A new survey reveals the biggest financial hurdles facing renters who want to buy a home.
TL;DR
- 34% of U.S. renters believe they will never be able to afford to buy a home.
- High mortgage rates (around 7.56%) and rising home prices (up 38% since 2020) are major barriers.
- Key financial obstacles include affording a down payment (cited by 52% of renters), low income or credit scores (47%), and high mortgage rates (42%).
- First-time homebuyers now represent a record low of 21% of the market.
- Renting offers advantages like flexibility and no responsibility for major repairs, and it's financially sound if it meets current needs.
- Financial planners advise building wealth through retirement and brokerage accounts before focusing solely on a home down payment.