Is Renting the New Normal?
As affordability continues to be a growing concern, more segments of the population, especially Baby Boomers and Gen Xers, are showing less interest in buying a home, according to Freddie Mac Multifamily’s Profile of Today’s Renter report.
About 67% of all renters say renting is more affordable that owning a home. And about 73% of Baby Boomer renters said renting is more affordable. About 74% of Millennials say they will continue renting for financial reasons. About 50% of Baby Boomers who are currently renting do not think they will ever buy a home in the future.
Of those who say they will not own a home in the future, 35% say they have no interest in owning and 15% believe they will never be able to afford it. Another 31% of Gen Xer renters say they will never own a home. Among Gen Xers, 19% lack interest and 12% don’t think they will ever be able to afford it.
Number of Homes For Sale vs Sold in Santa Cruz County (top) and Santa Clara County (below)