Younger renters and homeownership
In the recent National Housing Survey, 76% younger renters think owning a single-family home or condo makes more sense compared to renting. One of the reasons cited in the report they think owning is a smarter move because you’re protected against rent increases and owning a home is a good investment in the long term.
Here are a few other items noted in the report:
* When forced to choose, 59% of younger renters think owning makes more sense while 41% think renting makes more sense for lifestyle reasons.
* Younger renters most frequently cite insufficient credit history and difficulty with affording a down payment as their biggest obstacles in obtaining a mortgage.