One thing that may be slowing the recovery of the housing market: A growing share of apartment renters aren’t interested in buying a home. They’re just too expensive.
In all, 20 percent of renters said they have no interest in owning a home, up from 17 percent in August and 13 percent in 2016, according to results of a semiannual survey of renters by mortgage company Freddie Mac. Two-thirds of renters who plan to continue renting said they are doing so for financial reasons.
The growing preference for renting comes even as the economy has strengthened and credit has loosened. Renters generally report being better off financially, with some 39 percent saying they have money to take them beyond the next payday, up from 34 percent in August, according to Freddie.