More than any other demographic, millennials have been eschewing homeownership for years, with one in five members of the generation planning to rent forever. But if delaying buying a home was once a lifestyle choice, 2022’s strained housing market has turned it into a brutal reality.
Soaring costs for homes and increasingly severe debt burdens mean that one out of every three renters is getting completely priced out of the homebuying market, according to a new survey by Redfin, a real estate brokerage firm.
Financial obstacles are complicating the homeownership dream for nearly 90% of all renters. For the renters looking to buy, now may well be the worst time to do so.
“A lot of American renters want to buy a home, but they’re stuck renting because it’s simply too expensive to break into the housing market,” Daryl Fairweather, chief economist at Redfin, said in the survey.
https://finance.yahoo.com/news/meet-forever-renters-one-3-162728324.html