Pandemic Blocks Plans for Renters Ready to Buy a Home

At the beginning of the year, 11% of renters were ready to jump into homeownership, according to a RENTCafe.com survey. Older Millennials and Gen X were the demographics most prepared to purchase a home sometime this year, but the site’s latest survey reveals 43% of renters wanting to purchase a home have changed their minds due to the pandemic. The two top reasons for the switch were economic uncertainty and loss of income. Additionally, at the start of 2020, 40% of Gen Z respondents wished to downgrade their apartments, along with 31% of Baby Boomers.

However, the pandemic has obstructed the path to homeownership for 43% of renters ready to buy, our survey results revealed. On top of high home prices, this is yet another deterrent forcing many renters to further delay or give up on the most important archetype of the American Dream. The survey, which ran at the end of May 2020, asked 7,000 renters about their housing plans before and after the coronavirus hit.

Of those who decided to continue renting, the largest share had plans to downgrade to a smaller apartment, driven by Gen Z-ers and Baby Boomers. However, Millennials and Gen Xers had bolder plans, a high percentage of whom expressed a wish to upgrade to a larger apartment in 2020.

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