WASHINGTON—The share of American renters who believe it's more affordable to rent than to own a home is rising, according to survey results released by Freddie Mac.
The new survey shows 76% of renters view it as the more affordable option, compared to 68% when the survey was conducted in March, noted NAFCU in its analysis.
In addition, 55% say renting is "a strategic choice that makes sense at many life stages" and not just for young or mobile adults.
"These survey results suggest that attitudes toward renting and home ownership may be shifting," said NAFCU Vice President of Research and Chief Economist Curt Long. "It's possible that sustained levels of above-trend home price growth are starting to dampen desire for homeownership."
But while most renters believe it's more affordable to continue renting than to buy a house, 56% said rental prices have increased over the past year. Sixty-three percent of renters also said the amount of available rental options is the same or lower than last year; only about half of renters said the same about available homes to purchase, NAFCU noted.
American renters remain satisfied with their rental experience (60%) and commute to work (56%), though 41% said it's difficult to find affordable housing near their workplaces. Three-fourths said they'd be willing to live in a smaller property in order to have a shorter commute; Millennials were much more likely than Gen Xers or Baby Boomers to indicate a willingness to downsize, the study shows.
The survey was conducted Aug. 28-30 among 4,459 Americans aged 18 and older.