Almost 38 percent of renters in the United States do not believe they will ever be able to call themselves homeowners, per a recent survey.
Redfin reported on April 12 that the findings were according to its survey of about 3,000 U.S. residents that Qualtrics conducted in February.
The information comes as researchers said in January that, in 2022, a record half of people across America who are renters used a large portion of their income to pay rent and utility bills, according to Breitbart News.
“While the cost of housing remains a burden, people are also having difficulties putting food on the table in Biden’s economy,” the outlet said.
The recent Redfin article continued:
The relevant questions were: “Do you believe that you will ever own your own home in the future?” and “Which of the following are reasons you aren’t likely to purchase a home in the near future?” The 27% comparison is from a Redfin survey conducted in May and June 2023.
Lack of affordability is the prevailing reason renters believe they’re unlikely to become homeowners. Nearly half (44%) of renters who don’t believe they’ll buy a home in the near future said it’s because available homes are too expensive. The next most common obstacles: Ability to save for a down payment (35%), ability to afford mortgage payments (33%) and high mortgage rates (32%). Roughly one in eight (14%) simply aren’t interested in owning a home.
Inflation under President Joe Biden’s leadership has caused the price of rent, electricity, and even garbage collection to rise almost six percent, Breitbart News reported on April 10.
The outlet also said, “Water and sewer maintenance services: Up 5.1 percent since March 2023 / Up 0.5 percent since February 2024, ” adding, “Repair of household items: Up 18.0 percent since March 2023 / No data reported on February 2024.”
During a conversation on CNN This Morning in August, co-host Phil Mattingly and CNN International host Julia Chatterley discussed surging mortgage rates.
“If the big American Dream is to own your home, perhaps leave that money to your kids one day, that’s getting further and further away,” Chatterly said, at one point, “and it doesn’t really change until the Federal Reserve starts to bring rates down, these things ease, people start to sell their homes, and that’s going to take some time.”
CNN: As Rent Inflation Remains Sticky, Rising Mortgages Fueling “Worst Affordability Crisis” in Housing in 40 Years
