Offering a realistic view of how renters are feeling about the current housing market, 66% say current home prices make them feel hopeless and 72% say they’ll never be able to afford to own a home, according to a new survey from Home Bay.
Based on responses from 1,000 renters across the U.S., 76% say homes are not affordable for the average American and 77% say the nation has an affordable housing crisis, while 24% say they spend at least 50% of their income on rent. Most renters, 85%, blame inflation for the shortage of affordable homes, and 84% blame high interest rates.
On average, renters say they need to earn an additional $74,219 annually to afford the average home in 2023. Top reasons renters say they don’t currently own a home include being unable to afford one in general, 78%; not having enough for a down payment, 72%; high interest rates, 71%; they’re not ready to own a home, 47%; they have bad credit, 46%; or they have too much debt, 40%.
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