Renters aren't becoming homeowners like they once did. Is that because they don't want to own a home or because they can't afford to buy? To determine the answer, the Federal Reserve Bank of New York added a series of questions on its Survey of Consumer Expectations, fielded in February. Were renters planning on moving in the next three years? Among those who planned to move, would they rent or buy their next home? If they did not plan to buy, why not?
It turns out most renters who plan to move and rent rather than buy just don't have the money to become homeowners. The 56 percent majority of these potential homebuyers say they don't have enough money saved or they have too much debt to buy a home.
Source: Federal Reserve Bank of New York, Liberty Street Economics, Why Aren't More Renters Becoming Homeowners?
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