Survey: 42% Of Renters Don’t Think They Can Get A Mortgage

Posted by Patrick Barnard on June 06, 2013 No Comments
Categories : Residential Mortgage

Of all the renters in the U.S., how many want to become homeowners, and how many are satisfied to remain renters?

According to a survey conducted by Fannie Mae's Economic & Strategic Research Group, 90% of renters expect to purchase a home in the future.

However, most renters realize that it would be difficult for them to get a mortgage today. In fact, 42% of them believe that they will not be able to obtain a mortgage within the next five years, according to the survey.

Still, most renters appear to have a sense of measured optimism about their homeownership prospects, the survey finds. Many younger people view renting as a stepping stone to buying a home. Renters aged 18 to 34 are nearly twice as likely to say their main reason for renting is to prepare financially for homeownership, compared to renters aged 35 and up.

While most renters understand the advantages of homeownership, including control, privacy and greater financial security, many are satisfied with their renting experience, as it is less financially stressful, particularly in today's economy, the survey of 3,004 renters and owners finds.

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