New research from Freddie Mac shows that the perception by renters that renting is more affordable than owning a home remains strong, and that most renters are currently satisfied with renting.
The share of renters that view renting as more affordable than homeownership stands at 67 percent, which is the same share representing the number of renters who will continue renting for financial reasons, finds Freddie Mac. While 19 percent of respondents are uninterested in homeownership, and 12 percent believe they will never be able to afford it, a growing majority of renters are satisfied with renting, 66 percent. In August 2017, 60 percent were satisfied with renting.
“Perceptions of affordability and cost continue to play an outsized role in the choices of America’s renters, as they overwhelmingly see renting as more affordable and the right choice for them – right now,” said David Brickman, executive vice president and head of Freddie Mac Multifamily. “Indeed, we are witnessing an historic shift in preference among older Americans, as they increasingly are choosing the size, convenience, and affordability that renting offers over ownership.”
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