Americans overwhelmingly believe owning a home is a good financial decision and a majority of renters say homeownership is one of their highest priorities for the future. Renters are thinking more about purchasing a home now than in past years, while the number of people say they prefer to rent has declined.
Americans consistently realize the many benefits homeownership provides to communities, families, and the nation’s economy. Due to high housing affordability and today’s interest rates, it makes sense for people to consider homeownership over renting. In many parts of the country, it is cheaper to own a home than to rent one. It is no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.
The perceived obstacles to homeownership have remained unchanged over the years; low wages, student loan debt, and little savings for a down payment and closing costs continue to make it difficult for many to become homeowners.