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Renters usually have a desire to save, but with high rental cost it's pretty hard for them to hold on to a penny. 

According to Aaron Terrazas of Zillow, savings rates can decline as rent continues to increase, and there are  60% of renters with rent burdens. Those with high rent cost pays at least 36% of their income on rent, which leaves them absolutely nothing to save. 

On average, among employed renters, an increase of five percentage points in the share of a household’s income that goes to rent corresponds to a savings rate that is 0.8 percentage points lower.

Single, never-married renters, along with Asian-American
[1] renters, both tend to have higher savings rates when controlling for other factors.[2] Older renters have lower savings rates, in part because of selection over time: Adults who continue to rent through midlife have historically tended to be less financially stable than their peers who became homeowners.
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