A third of renters say they’ll never afford a home—here’s what’s holding them back

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.

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