Owning a home has been a staple of the American dream for decades, and in 2018 it seems the vast majority of Americans still hope to make that dream a reality.
According to NerdWallet’s most recent Home Buying Report, only 17% of Americans surveyed said they preferred renting over homeownership, putting the percentage of Americans who prefer homeownership at a whopping 83%. And even more telling, much of that 17% would own a home if it was financially viable. Of the people surveyed who said they preferred renting over buying, 56% said it was because they don’t have the money, and 22% said they had bad credit (which could prevent them from being approved for a home loan). But with rents steadily increasing, homeownership is actually becoming the more affordable option in markets across the country (according to a recent study by Zillow, owning a home is more affordable than renting in the majority of metro markets across the US).
The Takeaway
If you’ve been renting because it seemed like the more economical choice, that might no longer be the case. Homeownership may be more in your reach (and more affordable!) than you think.
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