Many renters in the United States worry that they will never be able to buy a home, citing a lack of affordability, according to a recent survey.
The survey found that 38 percent of renters had doubts that they would ever be able to own a home, an increase from 27 percent in 2023.
Among the list of reasons were “rising home prices and mortgage rates” that are making it difficult for renters to “believe in the American dream of homeownership.”
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now-especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” Redfin Chief Economist Daryl Fairweather said in a statement.
When asked about the reasons why renters were not likely to purchase a home anytime soon, 44 percent said it was because homes were too expensive, 35 percent cited the inability to save for a down payment, 33 percent said it was not being able to afford mortgage payments, and 32 percent said it was because of high mortgage rates.
Other reasons for renters not being like to purchase a home included regular maintenance and upkeep being too expensive, lack of homes available to purchase, and needing to pay off student loans first.
This survey comes after a recent study conducted by the St. Louis Federal Reserve’s Institute for Economic Equity found that one in three people from Generation Z had a lack of income and a negative outlook on the economy.
Another survey from the Joint Center for Housing Studies of Harvard University found that in 2022, as renters dealt with increasing rent during the COVID-19 pandemic, “a record half of U.S. renters paid more than 30% of their income for rent and utilities,” with “nearly half” of renters ending up having to pay “more than 50% of their income.”
President Joe Biden’s open border policy and the flood of legal and illegal immigrants into the United States were found to be among the factors driving up the cost of rent.
Since Biden was inaugurated in January 2021, he has allowed almost eight million migrants into the United States.
A report from the Congressional Budget Office (CBO) estimates that under the Biden administration, roughly 6.2 million illegal migrants have entered the United States.
The migration flood created by Biden’s open border policies has caused the population in the United States to grow, which has impacted housing prices.
Due to rising housing costs that have led to a shortage of affordable housing, homelessness has risen in many cities. Between 2022 and 2023, homelessness in the United States rose roughly 11 percent, according to the Wall Street Journal.
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