Renters in the United States Are Losing Hope of Home Ownership

Renters in the United States Are Losing Hope of Home Ownership

Renters in the United States , Are Losing Hope of Home Ownership.

CNN reports that as the U.S. real estate market has stayed hot, many renters are starting to doubt that they'll ever own a home of their own.

According to a recent survey by the Federal Reserve Bank of New York.

An average of just 43.3% of renters believe they'll own a home in the future.

In 2021, 51.6% of renters were hopeful they'd own a home eventually.

In 2021, 51.6% of renters were hopeful they'd own a home eventually.

Per CNN, home ownership prospects have reached their lowest point since the NY Fed began tracking data in 2015.

Experts say as the price of homes in the United States has skyrocketed, homebuying confidence has been in free fall.

22% of those surveyed said they had planned on buying a home, but now see renting as a more responsible fiscal decision.

36% said they prefer to rent housing.

42% said they were willing to wait to buy a home until prices come down.

One in three of the survey's participants who earn less than $60,000 per year believe owning a home won't ever happen for them.

Still, renting a house may be more expensive than any other time in United States history, and renters aren't optimistic about the future.

Taken together, these numbers suggest a spike in rents in the near future, followed by more moderate growth in subsequent years.

, Statement from survey by the Federal Reserve Bank of New York, via CNN