More renters are living check to check than expected, CEO of RadPad Jonathan Eppers told the Associated Press.
The reason is that many renters in the priciest cities in the U.S. are satisfied living where they are, even if it means they have to spend half of their income on living costs.
“We found that rising rents do not appear to be playing a significant role in motivating renters to buy,” Freddie Mac Executive Vice President David Brickman said in a press release. “This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home.”
A survey by San Francisco-based Apartment List found that renters in New York, San Francisco, and D.C. are satisfied with their living arrangements, and express more confidence in the local economy, feel safer from crime, and enjoy the parks, recreation, and nightlife.