Apr 12, 2024 - Economy

Exclusive: More renters worry ownership beyond their reach

Illustration of a woman sitting somberly atop an isolated square of grass

Illustration: Natalie Peeples/Axios

Nearly 40% of renters are worried they'll never be able to buy a home, up from 27% last summer, per Redfin survey results about to be released.

Why it matters: Affordability and optimism are hitting all-time lows.

The big picture: Renting is cheaper than owning in many U.S. markets, but nearly 1 in 4 renters regularly struggles to make monthly payments, per Redfin.

  • Out-of-reach home prices, difficulty saving for a down payment and high mortgage payments and interest rates are among the top reasons renters say they won't become homeowners anytime soon.

The intrigue: More renters want a slice of the American Dream. Roughly 14% of renters never wish to own a home, down from nearly 19% in Q2 2023, according to Redfin's study.

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