Although owning a home is a goal for 85% of renters, 76% say homes are not affordable for the average American.
ST. LOUIS, April 26, 2023 /PRNewswire/ — High home prices have made the dream of homeownership unattainable for many Americans, according to a new survey from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.
The report, based on responses from 1,000 renters across America, paints a grim picture of the current state of the housing market. More than 3 in 5 renters (61%) believe that younger generations such as Gen Z and millennials will never achieve the same level of homeownership rates as baby boomers.
35% of renters say owning a home is not part of the American dream, including 28% who say it used to be but isn’t anymore. 85% of renters blame inflation for the shortage of affordable homes, and 84% attribute it to high interest rates.
Renters, on average, say they need to earn an additional $74,219 annually to afford the average home in 2023.
In their pursuit of homeownership, 63% of renters (including 73% of millennials) are willing to take on a second job, and 31% would even consider selling their plasma or skipping meals to save for a home. However, despite their efforts, 74% of renters still say they cannot afford to put any money toward a down payment.
Unsurprisingly, 2 in 3 (66%) renters say current home prices make them feel hopeless, and an overwhelming majority (77%) say the U.S. has an affordable housing crisis. About 1 in 4 renters (24%) say they spend at least 50% of their income on rent — yet the U.S. defines affordable housing as spending no more than 30%.
However, this doesn’t mean that renters have lost all hope — in fact, most (69%) say it’s not too late for the U.S. to solve its housing crisis.
Read the full report at: https://homebay.com/homeownership-american-dream-2023
About Home Bay
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SOURCE Home Bay