A new survey of tenants nationwide shows half (50.2%) of them rent because they can’t afford homeownership — not just the mortgage but the total cost of owning including taxes and maintenance.
The Apartments.com survey of 2,000 tenants nationwide, showed many rent by choice, citing a maintenance-free lifestyle and the ability to afford a place in a better location.
Among the survey’s other renter findings:
- 23.9% have rented for 15 years or more
- 44.7% rent two-bedrooms
- 34.9% live alone
- 30.6% have owned before
Q: Which statement best describes why you rent?
| Why I rent | % |
|---|---|
| Can’t afford costs of homeownership (mortgage, taxes, repairs) | 50.2% |
| Like the maintenance-free lifestyle | 13.6% |
| Move frequently | 6.3% |
| Can live in a better location that cuts my long commute | 5.8% |
| Condo/house foreclosed | 4.2% |
| Access to amenities, social activities | 2.2% |
| Renting out own condo/home | 0.8% |
| Other | 16.9% |
For more on rents…
- Gov. vetoes foreclosure help for Calif. renters
- O.C. tenants pay 6th highest renting costs
- O.C. home values ranked 7th in nation
- Housing takes bigger bite out of income
- SoCal rent hikes lowest in 8 years
- O.C. rent hikes trail U.S.
- Why buy, when you can rent?
- Rent a bargain vs. homeownership
- Pricey, new apartments may force O.C. exodus
- 4 of O.C.’s 7 biggest cities lose population
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What about : Why I rent?
Housing speculator.
How about ….. housing prices have been overpriced for about 8 years and why would anyone buy anything that’s overpriced? Remember people that payed over sticker for the Mazda Miata when it first came out? Sorry homebuyers from 2000 through the present that didn’t sell before 2006, but they were chumps too.
Interesting framing on that survey.
Seems like they had an axe to grind.
How about 50-70% arbitrage opportunities don’t come around that often and I am going to run that arbitrage until the end?
But then again most poll takers and permabull blog posters don’t know what arbitrage is.
Why isn’t “My housing dollars go twice as far if I rent than if I own” an option?
Why do people make renting sound like a fate worst than death? I liked renting. Everything is taken care of and all I had to do is write a check once a month. Unfortunately, the Barney Frank-stock market uproar has caused me to think that Real Estate and CDs as the only way to save for the future.
I have no problem renting or with renters. Everybody has to start somewhere.
My problem was definitely home price related. We had enough money to buy, except at the peak it would’ve been a $400K converted apartment. No thanks, I’ll pass.
Plumping up our investments and enjoying the “write one check” aspect of living. We have over 250K for a down payment but have yet to find a starter home that is “just right” for us and looks nice enough to plunk our seriously hard-earned money down. Often we assume renters have no savings or no financial sense. In our case, we saved our own bacon (moved to CA in 2002 when Quail Fill was “tempting”).