More Boomers Want to Rent, More Millennials Believe They Must Rent

April 6, 2018
Photo: Unsplash/Nick Karvounis
Photo: Unsplash/Nick Karvounis

While credit is loosening and overall economic confidence is up for consumers, an increasing number of renters would prefer to keep doing so.

A March 2018 profile of renters from Freddie Mac found that renters reported being in better financial shape renting rather than housing, as 39 percent of respondents say they have enough money to extend beyond their next paycheck, five percent more than in August 2017, Realtor.com reports. Baby Boomers are helping to drive up the desire to rent instead of own, with 35 percent saying they have no interest in owning a home. Three-quarters of Millennials, on the other hand, are currently renting out of financial need than desire.

A growing percentage of apartment renters aren’t interested in buying a home as affordability challenges take a bigger toll on American aspirations of homeownership. In all, 20 percent of renters said they have no interest in owning a home, up from 17 percent in August and 13 percent in 2016, according to results of a semiannual survey of renters by mortgage company Freddie Mac in January.

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