As if the strain on the inventory of affordable rental housing wasn’t already great enough, a new Freddie Mac 55+ Survey shows that an estimated 6 million homeowners want to move again and rent at some point. Additionally, over 5 million said they were likely to rent again by 2020, Freddie Mac reports.
Of the 55+ renters and homeowners that responded, 79 percent of renters and 83 percent of homeowners expect the rent for their next home to cost the same or less than what they are currently paying.
Additionally, 51 percent of renters prefer renting to owning. That number grows even larger for multifamily renters, as 60 percent say they prefer renting to owning. The survey also pointed towards the need for more affordable housing as 47 percent of 55+ renters said they struggle form payday to payday and 13 percent responded they were unable to afford basics until their next paycheck.
For the full analysis of the survey, click the link below.