June 24, 2015
Although many families would like to purchase a home of their own and get out of renting, most are stuck.
The New York Times reports that a decrease in homeownership rates and resulting rise in rents is to blame for families not being able to save up enough money for a down payment. In addition, those who lost homes to foreclosure and now have credit scores that are too bad to qualify them for a mortgage are also a factor. Student debt is another reason that many millennials and would-be first-time buyers are also left in the rental market because of the inability to afford a down payment or have the credit score necessary to secure a mortgage.