An increasing number of renters are worried they will never be able to buy a home, with many pointing to the lack of affordability as the main culprit, according to a survey released Friday by Redf…
An increasing number of renters are worried they will never be able to buy a home, with many pointing to the lack of affordability as the main culprit, according to a survey released Friday by Redfin.
More than 1 in 4 renters, 44 percent, don’t believe they will be able to purchase a home due to affordability.
Rising interest rates since the end of the pandemic have increased the costs of mortgages since then.
To afford a starter home, first-time homebuyers would have to earn around $76,000, according to a Redfin analysis published in late March.
“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.
“While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.
The original article contains 376 words, the summary contains 167 words. Saved 56%. I’m a bot and I’m open source!
This is the best summary I could come up with:
An increasing number of renters are worried they will never be able to buy a home, with many pointing to the lack of affordability as the main culprit, according to a survey released Friday by Redfin.
More than 1 in 4 renters, 44 percent, don’t believe they will be able to purchase a home due to affordability.
Rising interest rates since the end of the pandemic have increased the costs of mortgages since then.
To afford a starter home, first-time homebuyers would have to earn around $76,000, according to a Redfin analysis published in late March.
“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.
“While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.
The original article contains 376 words, the summary contains 167 words. Saved 56%. I’m a bot and I’m open source!