Renters are feeling the pressure of high home prices, with many saying they feel as though they’ll never own a home. According to a poll from CNN, 54% of renters believe it’s unlikely they’ll ever purchase a home. Additionally, 90% of renters younger than 45 say they would like to buy a home but can’t afford it, compared with 79% of those 45 and older. The attitude toward homeownership is slightly more optimistic among younger adults, with the survey indicating 53% of renters under 45 years old believe they’ll be able to buy a home one day, while only 32% of those 45 and older believe they’ll be able to afford a home in the future.
The findings underscore the damage done by the one-two punch of surging home prices and elevated mortgage rates, creating an affordability crisis. And given that homeownership is the ticket to wealth generation in America, that pessimism exacerbates the risk that the divide between the haves and have-nots will only grow.
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