And most renters regret at least one thing about their homes
More people in the US have said that they regret choosing not to buy a home compared to those who already purchased one, according to the Zillow Housing Aspirations Report.
Almost half (45%) of the respondents said that one of their greatest regrets is renting rather than buying – which is five times the number of homeowners (8%) who regret buying instead of renting.
Meanwhile, more than half of the tenants were disappointed that they could not build equity, customize or even improve their rentals (52% in each case). The other half (50%) wished their rent wasn’t so steep.
Renters were also dissatisfied with their home, saying it’s too small (40% versus 21% of homeowners) and that they do not have private outdoor space (49% versus 25% of homeowners).
Across major metros, 87% of renters have at least one regret about their home, compared to 72% of homeowners. Phoenix (93%) had the biggest share of renters with at least one regret. San Francisco (92%) followed, with Denver, San Diego, and San Jose (all at 91%) not far behind.
The report also found that older homeowners and renters were less regretful. Ninety percent of renters aged 18 to 34 have at least one regret about their place, compared to 82% of renters age 55 and above.
Between those age groups, 38% of millennial renters said pet ownership is too limited, compared to 21% of older renters. Additionally, younger renters (40%) said there was not enough parking, compared to older renters (25%).
Children were also a factor in renters’ regrets. Renters with kids (93%) were more likely to have at least one regret about their home, compared to those without (86%). According to the report, 59% of tenants with children were more likely to regret renting instead of buying, compared to 42% of renters without kids.
