{"id":74122,"date":"2022-04-07T05:30:46","date_gmt":"2022-04-07T12:30:46","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74122"},"modified":"2022-04-06T14:30:19","modified_gmt":"2022-04-06T21:30:19","slug":"survey-renters-homebuying-affordability","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/survey-renters-homebuying-affordability\/","title":{"rendered":"Affordability is the Number-One Factor Keeping Renters From Becoming Homeowners: Redfin Survey"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">1 in 3 U.S. renters can\u2019t afford to buy a home where they want to live and 30% are unable to save for a down payment, according to a recent Redfin survey.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Debt is the most common financial obstacle to homebuying, with 45% of renters saying it has kept them from trying to buy a home. Just 12% said financial obstacles are not getting in the way of homeownership.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">1 in 10 renters who are moving are doing so because their current rental doesn\u2019t have adequate heat, hot water or electricity, and 1 in 5 are moving to be in an area with more affordable rentals. <\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nearly one-third (32%) of renters nationwide rent because they can\u2019t afford to buy a home where they want to live, while 30% are unable to save for a down payment. Those were the most commonly cited reasons for renting rather than owning a home in a March Redfin survey.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The survey is of 1,500 U.S. residents who currently rent the home they live in and\/or are looking for a rental. Respondents to this question had the option of selecting more than one response. <\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-74125 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability-684x1024.png\" alt=\"\" width=\"684\" height=\"1024\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability-684x1024.png 684w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability-200x300.png 200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability-768x1151.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability-1025x1536.png 1025w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/renter-affordability.png 1068w\" sizes=\"(max-width: 684px) 100vw, 684px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cA lot of American renters want to buy a home, but they\u2019re stuck renting because it\u2019s simply too expensive to break into the housing market,\u201d said Redfin Chief Economist Daryl Fairweather. \u201cThat\u2019s especially true since they\u2019re often competing against <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q4-2021\/\"><span style=\"font-weight: 400;\">investors<\/span><\/a><span style=\"font-weight: 400;\"> or other deep-pocketed individual buyers. Unfortunately, the fact that buying a home is out of reach for so many Americans is a driver of inequality: Not owning a home means not benefiting from rising home values, one of the main ways to create and pass down generational wealth in this country.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBut the housing market is seeing <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-early-signs-of-a-slowdown\/\"><span style=\"font-weight: 400;\">early signs<\/span><\/a><span style=\"font-weight: 400;\"> of a cooldown, which could benefit first-time homebuyers,\u201d Fairweather continued. \u201cMortgage rates are rising fast, which is a double-edged sword: Higher rates mean higher monthly mortgage payments, but they will also eventually ease competition for homes, making it so fewer houses sell above their asking price.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The housing market is unaffordable for many prospective first-time buyers largely because home prices have shot up since the start of the pandemic, with remote work and last year\u2019s record-low mortgage rates leading to a boom in demand. Homes are <\/span><a href=\"https:\/\/www.redfin.com\/news\/pandemic-housing-market-two-years-later\/\"><span style=\"font-weight: 400;\">34%<\/span><\/a><span style=\"font-weight: 400;\"> more expensive than they were before the pandemic started, and would-be buyers have half as many homes to choose from. <\/span><span style=\"font-weight: 400;\">U.S. rental prices are also soaring, with the average monthly asking rent up <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-february-2022\/\"><span style=\"font-weight: 400;\">15%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in February to $1,901.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, renting is a better option for some people. Twenty percent of respondents said they rent because they have a good deal and buying a home would be more expensive and 17% can\u2019t find a home they want to buy. <\/span><\/p>\n<h4>Nearly half of renters say debt is holding them back from buying a home<\/h4>\n<p><span style=\"font-weight: 400;\">Debt is the most common financial obstacle for renters, with nearly half (45%) of U.S. renters saying debt from credit cards, student loans, medical bills, car loans, etc. has kept them from trying to buy a home. <\/span><span style=\"font-weight: 400;\">Respondents to this question had the option of selecting more than one response.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-74123 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles-1024x1018.png\" alt=\"\" width=\"1024\" height=\"1018\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles-1024x1018.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles-300x298.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles-150x150.png 150w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles-768x764.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/financial-obstacles.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Paying down debt can make it difficult to come up with a down payment and\/or monthly mortgage payments, especially now that home prices have <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-rise-most-since-summer\/\"><span style=\"font-weight: 400;\">shot up<\/span><\/a><span style=\"font-weight: 400;\">. Plus, homebuyers with a lot of debt can have <\/span><a href=\"https:\/\/www.usnews.com\/education\/blogs\/student-loan-ranger\/articles\/can-i-buy-a-home-if-i-have-student-loan-debt\"><span style=\"font-weight: 400;\">trouble<\/span><\/a><span style=\"font-weight: 400;\"> getting approved for a mortgage. But buying a home can still be a sound financial decision, even with significant debt. Rising home equity can even help pay off debt down the line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDebt doesn\u2019t have to be a curse,\u201d Fairweather said. \u201cMy advice for aspiring homeowners is to make a monthly budget and add debt to their expenses along with things like gas, groceries or entertainment. Saving for a down payment should be another line in the budget, keeping in mind that there are mortgage options like FHA loans that require little to no money down. Would-be buyers should also get preapproved for a mortgage to find out how much they can realistically spend on a monthly basis, and add that to their budget, too.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly as many respondents (44%) said home prices are too high where they would want to buy, and 38% said they didn\u2019t have enough income to save money to buy a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just 12% of renters said financial obstacles are not a factor keeping them from buying a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though financial obstacles are holding most renters back from buying a home, 56% of respondents said they\u2019re not planning to make any compromises or sacrifices to save for a down payment or buy a home. <\/span><\/p>\n<h4>At least 1 in 10 renters who are moving are doing so because they are being forced out of their home for one reason or another<\/h4>\n<p><span style=\"font-weight: 400;\">We also asked renters who are planning to move for their motivation, and found a few noteworthy patterns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the most common reason to move was upgrading to a better home (29%) and to be in an area with lower rent (20%) or a lower cost of living (18%), a surprisingly large share were moving for reasons outside their own volition.\u00a0 Eleven percent said their landlord is selling, and 10% are moving because their current rental doesn\u2019t have adequate heat, hot water, electricity, etc. Six percent are moving because their landlord is terminating their lease. R<\/span><span style=\"font-weight: 400;\">espondents to this question had the option of selecting more than one response<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-74124 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent-684x1024.png\" alt=\"\" width=\"684\" height=\"1024\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent-684x1024.png 684w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent-200x300.png 200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent-768x1151.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent-1025x1536.png 1025w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/moving-for-lower-rent.png 1068w\" sizes=\"(max-width: 684px) 100vw, 684px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">With rental prices up so much over the last year, one of the only ways to get around rising rental costs is to move to a more affordable area. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1 in 3 U.S. renters can\u2019t afford to buy a home where they want to live and 30% are unable to save for a down payment, according to a recent Redfin survey.\u00a0 Debt is the most common financial obstacle to homebuying, with 45% of renters saying it has kept them from trying to buy a [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":74126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[35,88],"dashboard":[],"coauthors":[124],"class_list":["post-74122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-redfin-surveys","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - 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