New research released [on April 4th] by Freddie Mac Multifamily finds growing segments of the population—baby boomers and Generation Xers in particular—are showing less interest in owning a home. The latest “Profile of Today’s Renter” reveals that despite growing economic confidence among renters, affordability remains dominant in driving renter behavior.
Specifically, the spring Profile finds a total of 67 percent of renters view renting as more affordable than owning a home, including 73 percent of baby boomers (aged 53-71). Similarly, 67 percent of renters who will continue renting say they will do so for financial reasons—up from 59 percent just two years ago.
The survey finds half (50 percent) of baby boomers currently renting do not anticipate buying a home in the future, up eight points from the previous Profile taken six months ago. Of that half, 35 percent have no interest in owning, and 15 percent believe they will never be able to afford it. Similarly, 31 percent of Gen Xers (aged 38-52) expressed that sentiment, up from 28 percent from the previous Profile. Of those respondents, 19 percent lack interest and 12 percent believe they will never be able to afford it.
Read more at GlobeNewswire.