The perceptions comes despite cost struggles
A growing share of renters finds renting more affordable than owning, in spite of the increasing number of renters having trouble affording their monthly rent, according to the latest Profile of Today’s Renter released by Freddie Mac Multifamily.
A survey found that 78% of renters believe renting is more affordable than owning, an 11-point increase from just six months ago in February. Meanwhile, 66% of renters reported difficulty affording their rent at some point over the past two years.
“Views of renting as the more affordable option continue to drive the behavior and satisfaction of a large and growing majority of renters,” said David Brickman, president of Freddie Mac and head of multifamily. “While renting is seen as more affordable, this research underscores that renters are feeling the effects of the rising cost of housing, driven in part by lack of supply, increased demand, and the cost of construction.”
The survey also found that the perception of renting affordability over owning was evident across generations. Millennials (up 14 points to 75%), Generation Xers (up 11 points to 70%), and baby boomers (up eight points to 81%) all saw marked increases in the perception that renting is more affordable than owning.
Freddie Mac also found that 66% of renters reported having trouble affording their monthly rent in the last two years. The figure is significantly more than the 43% of homeowners who experienced similar difficulties.
