As home prices rise, buying a home has increasingly become out of reach for many households. And while this is a financial burden, it has also become a mental health burden, causing many renters to feel lonely and disconnected from their neighborhood. According to a recent survey from real estate marketing platform Redfin, just 46.7% of U.S. renters feel a sense of belonging in their neighborhood, compared with 63.6% of homeowners.
This is because homeowners tend to consider their living situation as more permanent, while renters tend to be more transient. Similarly, those who have lived in a home for a longer period of time tend to feel a strong sense of community. Less than half of respondents who have lived in their current home for under a year say they feel a sense of belonging in their neighborhood. Comparatively, more than 58% of people who have lived in their home for six to 10 years feel a sense of belonging.
“When someone buys a home, they’re making an investment in a property and a neighborhood, which means they’ll probably see their neighbors for years to come. Many homeowners seek out positive relationships with their neighbors as a result,” said Redfin Chief Economist Daryl Fairweather. “Renters, on the other hand, tend to stay in their homes for a shorter amount of time, which means they’re often less inclined to get to know the neighbors.” Read more
