flexiblefullpage - default
Currently Reading

Renters Cite Affordability as the Main Obstacle to Homeownership

Affordability

Renters Cite Affordability as the Main Obstacle to Homeownership

Prospective buyers are retreating to the rental market as housing prices continue to soar


April 7, 2022
Housing prices graph

Nearly one third of all U.S. renters cited a lack of local housing affordability as their main reason for renting instead of becoming homeowners, and 30% were also unable to save for a down payment, according to a recent Redfin survey. Nearly half (45%) of all renters said that debt from credit cards, student loans, medical bills, etc. has prevented them from buying a home, and 23% are hindered by financial setbacks from the COVID-19 pandemic. 

While the majority of renters planning to move were upgrading to a better home or seeking out greater affordability, a large share of those relocating were doing so for reasons out of their control. Eleven percent of respondents said their landlord is selling, 10% said that they plan to move because their current unit doesn’t have adequate heat, hot water, or electricity, and 6% are relocating because their landlord is terminating their lease. 

Nearly as many respondents (44%) said home prices are too high where they would want to buy, and 38% said they didn’t have enough income to save money to buy a home. 

Meanwhile, almost one-quarter (23%) of renters said pandemic-related setbacks like loss of a job or wages have kept them from buying, and 19% said high rental prices are a factor. 

Just 12% of renters said financial obstacles are not a factor keeping them from buying a home. 

Read more

Related Stories

Housing Markets

A Growing Number of Metros Record Double-Digit Home Price Appreciation in Q2 2022

The housing market may be cooling, but single-family home prices are still rising in the majority of metro areas

Building Materials

Construction Cost Relief May Be Coming From Materials With These Key Characteristics

In the event of a recession, these in-demand products could come at discounted prices

New-Construction Projects

In an Effort to Boost Inventory, Builders Are Stalled by Rising Construction Costs

Fixing the affordability crisis means building more homes, but rising construction costs pose a lingering challenge

Advertisement
boombox1 -
Advertisement
native1 - default

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.