A recent survey shows that many renters in the United States are worried they won’t be able to buy a home due to lack of affordability.
a investigation The survey, commissioned by Redfin and conducted by Qualtrics, surveyed 3,000 residents. Of these, 1,000 participants said they rented.
The survey found that 38% of renters doubt whether they will be able to own a home, up from 27% in 2023.
Among the list of reasons is “rising home prices and mortgage rates,” making it difficult for renters to “believe in the American dream of homeownership.”
The report states that “lack of affordability is the most common reason renters think they will never own a home.”
“Housing costs are high overall, but renting is currently more affordable and viable for many Americans, especially those who have never owned a home and are unable to leverage the equity they gained from a previous sale,” said Redfin’s chief economist. It has become a viable option.” Darryl Fairweather said in a statement.
When asked why renters are less likely to buy a home right away, 44% say home prices are too high, 35% because they can’t save for a down payment, and 33% because they can’t afford to buy a home. I answered that. Mortgage payments were the cause, with 32% saying high mortgage rates were to blame.
Other reasons why renters don’t want to buy a home include regular maintenance and upkeep costs being too high, a lack of affordable housing, and having to pay off student loans first. I can list it.
The study is a recent survey conducted by the St. Louis Federal Reserve Institute for Economic Equity, which found that 1 in 3 Gen Zers are underpaid and have a negative outlook on the economy. This was done in response to the findings.
Young people were also more likely to be unable to afford a home or even save for retirement.
Another study by the Harvard University Joint Center for Housing Research found In 2022, “a record half of U.S. renters will pay more than 30% of their income on rent and utilities,” as renters grapple with rising rents due to the COVID-19 pandemic. “Almost half” of people were eventually forced to pay. “That’s more than 50% of their income.”
President Joe Biden’s open borders policy and the influx of legal and illegal immigrants into the U.S. were found to be among the factors pushing up rents.
Since Biden took office in January 2021, he has allowed approximately 8 million people to immigrate to the United States.
A Congressional Budget Office (CBO) report estimates that approximately 6.2 million illegal immigrants have entered the United States under the Biden administration.
That’s on top of the 1.5 million “fugitives” who crossed the southern border under Biden’s watch, roughly 800,000. overstay By 2022, illegal immigration will increase, and there will be approximately 2 million legal immigrants in the United States.
The flood of migrants created by Biden’s open borders policy is causing the U.S. population to grow, impacting housing prices.
Rising housing costs have created a shortage of affordable housing and increased homelessness. woke up in many cities. From 2022 to 2023, the number of homeless people in the United States will increase by approximately 11%. according to Wall Street Journal.
