Once Hopeful Renters Are Foregoing Dreams of Homeownership

High housing costs are pushing homebuyers out of the market. While most Americans still aspire to own a home one day, a growing number are giving up altogether. According to a recent survey from financial services company Bankrate, one in six—or 16%—would-be buyers say they have given up on the idea of owning a home in the past five years.

What exactly is stopping Americans from purchasing a home?

For 28% of survey respondents, the most important factor in deciding whether or not to purchase a home is the home prices in their area. Additionally, 16% say they don’t have enough in their savings, 14% are concerned about job security, and another 14% say they don’t want to be tied down to a specific area.

Aspirations for homeownership vary by generation

The Millennial generation was the most likely to give up on purchasing a home, with 22% of survey respondents in this cohort saying they can’t find a home they like or could afford. Millennials were followed by Generation X, 17% of which have given up on homeownership. Additionally, 12% of both Baby Boomers and Generation Z say they have given up on homeownership.

Although some have given up on their homeownership dreams, most Americans still want to own a home

• Despite High Costs, Homebuyers Are Happy With Their Purchases: Some renters don't feel like buying a home is in the cards for them anytime soon, but for those who have bought a home recently, 70% say they're happy with their decision.
• Renters Want to Buy, So What, Exactly, Is Stopping Them?: In a recent survey, 77% of renters say they're prepared to buy a home in the near future, but others feel like a lack of financial mobility and understanding of the homebuying process is holding them back.