Majority of Renters Believe They Will Never Own a Home
In a recent survey, renters cite high home prices, lack of savings, and poor credit scores as the main reasons why homeownership is out of reach
Oct. 25, 2024
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While many renters find homeownership to be unattainable, a majority still want to own a home some day.
Homeownership has traditionally been part of the American dream, but for many renters, that dream feels unattainable. That’s according to a recent survey from online lending place LendingTree, which shows that 62% of renters believe they may never own a home due to high costs and poor credit scores, among other reasons. Despite this, most renters want to own a home. Two-thirds of those surveyed say they would prefer to own a home over renting.
Even in demographics where homeownership is less prized, like those earning less than $30,000 a year, those without children and Gen Zers, a significant majority (76%, 77% and 79%, respectively) still say they’d rather own than rent.
