MIAMI: New research reveals people have not given up on the dream of home ownership, but one in five says renting for life remains a possibility.
A study surveyed nearly 800 bank customers aged between 18 and 45. Almost 57 per cent owned their own home, while more than 36 per cent were renting.
Most renters still aspired to own their own home, but two-thirds were not currently looking to buy. One in five said renting for life was a possibility and 6 per cent said they had a high expectation they would never get a foot on the property ladder.
Fewer than 20 per cent of respondents said renting was a positive experience, citing the lack of stability and security, interfering landlords, and the missed opportunity to build equity in a home.
The report’s co-author said many people felt they were stuck renting. “They can’t afford to buy, but they are also at the mercy of the landlords,” he said.
“They have no stability and don’t feel like they can call the place they’re living in home.”
Respondents were also conscious of the financial risk of renting for life.
“Ninety per cent of the people we surveyed believed it would only become more difficult to purchase a home in the future.
“A similar number recognised the disadvantages of arriving at retirement age with no equity in a home.”
The biggest hurdle to home ownership was saving a deposit, which over 80 per cent rated as an important-to-very important factor in their decision not to buy…