Adobe Stock/Ryan DeBerardinis

A semiannual survey of renters by mortgage company Freddie Mac found that 20% of renters say they have no interest in owning a home, up from 17% in August and 13% in 2016. Among renters who plan to continue renting, two-thirds say they’re doing so for financial reasons, The Wall Street Journal reports.

The preference for renting is being driven in part by baby boomers, who are more likely to have experienced some of the pitfalls of homeownership. Some 35% of baby boomers said they have no interest in owning a home, up from 31% in August and 23% two years ago, according to the Freddie Mac survey.

At the same time, concerns about affordability are most prevalent among younger renters. Nearly three-quarters of millennials said they are renting for financial reasons, up from 59% two years ago.

Even as renters report that they are better off financially, their interest in buying a home is curbed by sharp home price increases and slowing rent growth, WSJ reports.

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