Overwhelmed by high costs, half of renters don't feel confident in their ability to own a home in the future.
Renters have mixed feelings about the prospect of buying a home in the future. While some feel optimistic about purchasing a home, half of today’s renters are giving up on the possibility. According to National Mortgage Professional, 48% of renters say they don’t believe they will ever own a home. In contrast, just 15% of renters see buying a home as a strong possibility, while 26% think it’s somewhat achievable.
Optimism is generally higher among young people who have been renting for less time. Generation Z is the most optimistic about purchasing a home. Half of Gen Zers believe owning a home is at least somewhat possible, while only 20% of Baby Boomers share the same outlook.
Within the Gen Z group, Black renters stood out with “significantly” greater enthusiasm; two-thirds of those renters said they think it's either "very" or "somewhat" possible for them to become homeowners. That's opposed to 54% of Hispanic renters and just 33% of White renters who said the same.Read more
