Freddie Mac commissioned a survey by Harris Poll of 1,209 multi-family renters from across the country at the end of January.
About 67% of all renters say renting is more affordable than owning a home.
And 67% of all renters also said they will continue renting for financial reasons, up from 59% 2 years ago.
74% of Millennials will continue renting for financial reasons, up from 59% 2 years.
50% of all renters have either no interest in owning a home or believe they will never be able to afford homeownership.
WOW! This is another reason why I will continue to own and want to purchase more rental properties. I LOVE having renters pay my mortgages, pay for college for my kids, and fund my retirement.
From my experience many more renters could be homeowners by making better financial choices. For example, here’s the advice I give ever renter struggling with saving money to buy a home:
Use Mint.com to track your spending for 3 months and it will reveal your spending habits.
Second, how we spend our money is a reflection of our priorities. And our priorities are neither right or wrong.
The good news is we can change our priorities. Many people will discover that their priorities are convenience based. I will stop by Starbucks for my coffee as it’s on my way to work. But, that $5 cup of coffee every day adds up and if they made coffee at home the cost would be less than 50 cents a day for the SAME COFFEE! How is waiting in line inside the store or in the drive through convenient?
Same thing with eating out. I have seen couples easily spending $50 a day eating out for lunches and dinners because it’s easy and convenient. They can probably eat at home and have leftovers for lunch the next day for $10 a day.