Renters Say Cost Drives Their Housing Decisions

Money is the top factor when it comes time to decide whether to rent or buy. After all, buying a home comes with several upfront costs that can make it a challenge if you don’t already have some money set aside. So with recent gains in the economy and job market, it’d be natural to expect that Americans are feeling more financially secure and, therefore, also more ready to buy a house. But while buyer demand has been high recently, new research from Freddie Mac shows an increasing number of renters who say they’d prefer to keep renting. Why is that? Well, one reason is the perception that buying a home has become less affordable. “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,” says David Brickman, executive vice president and head of Freddie Mac Multifamily. In short, Americans who rent feel their economic situation has improved but are still hesitant to buy due to a perception that homeownership is out of their reach. More here.

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