All Generations Believe Renting Is More Affordable Than OwningEven Though Its Not True

Dated: February 7 2019

Views: 96

According to new research from lender Freddie Mac, every generation—from millennials to Gen Xers to Baby Boomers—are continuing to rent because they think it’s saving them money. According to the report, 76% of Millennials, 75% of Gen Xers, and 81% of Baby Boomers said renting was the more affordable option.

But with rents rising across the country, that’s just no longer the case. According to the most recent Market Outlook Report from Realtor.com, rents rose year over year in nearly ¾ (73%) of counties across the United States. And according to Trulia, it is now more affordable to own a home than to rent in a whopping 98% of the largest metro markets in the US.

The Takeaway

The misconception that renting is more affordable than homeownership is not only costing renters of every generation money, it’s also costing them the ability to own their own home. If you’ve been renting because you believe it’s saving you money—no matter how old you are—it’s time to look at the facts, reevaluate your situation, and consider transitioning to homeowners

Blog author image

Kelly Combs

My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....

Latest Blog Posts

Inflation And The Housing Market What You Can Do As Prices Spike

Although inflation slowed some in August, the downshift isn’t giving the Federal Reserve pause when it comes to increasing interest rates. That means higher rates on many mortgage types, and for

Read More

What Is Driving Mortgage Rates The Week Of Sept 26 2022

After moving up sharply for much of 2022, mortgage rates now are above 6 percent. Here’s a look at what could move markets this week.On Tuesday, the U.S. Census Bureau and the U.S.

Read More

What To Do When Your Mortgage Application Gets Denied

Your mortgage application was denied. These words sound harsh, but they don’t always mean you can’t get a mortgage.If your lender rejects your request for a loan, all may not be lost.

Read More

How To Remove FHA Mortgage Insurance

If you have an FHA loan, you might be wondering how to get rid of the mortgage insurance premium (MIP) you’re paying each month.Unlike conventional loans, FHA loans come with

Read More