Renters fear they’ll never own a home: Fed survey
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The share of renters in the U.S. who believe they will someday own a home has plummeted over the past year, as the home affordability crisis continues to make the American dream appear too far out of reach.
The New York Federal Reserve's 2024 SCE Housing Survey released Monday found renters' perceptions about the ease of obtaining a home mortgage have «deteriorated substantially» since 2023.
A new survey from the New York Fed indicates most renters in the U.S. have given up hope of ever owning a home. (REUTERS/Lucy Nicholson / Reuters Photos)
The percentage of renters who say that obtaining a mortgage is somewhat or very difficult jumped to 74.2%, a more than 8 percentage point increase from last year, and far above the low of 50.5% in 2021, the survey found.
At the same time, the percentage of renters who said they believe they will eventually become homeowners fell to 40.1%, a drop of 4.3 percentage points from last year and a new series low in the survey that has been conducted for a decade.
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The data also indicates Americans expect housing affordability to become even worse.
Homes in Rocklin, California, on Dec. 6, 2022. Elevated mortgage rates and high home prices have ground the housing market nearly to a halt as affordability becomes increasingly out of reach. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
The housing survey, which is part of the New Fed's broader Survey of Consumer Expectations, saw rent price growth expectations for the next
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