– Housing affordability remains a challenge for many, impacting both renters and potential homebuyers
– 50% of renter households are considered cost-burdened, spending more than 30% of income on rent and utilities
– 12.1 million cost-burdened renters spend more than half of their income on rent and utilities
– Renters are concerned about long-term financial stability and view homeownership as a better investment
– Reasons for wanting to buy a home include building equity, passing on assets, retirement planning, family growth, and having control over living space
– Baby Boomers who rent cite freedom from maintenance, avoidance of financial responsibilities, and flexibility as key factors in their decision
– Many Baby Boomers choose to rent for convenience and to avoid the costs and stress associated with homeownership

The report highlights the ongoing challenges faced by renters in terms of affordability and long-term financial planning. While many desire homeownership for various reasons, some Baby Boomers opt to rent by choice, valuing the convenience and freedom it offers in comparison to owning a home.

You can read this full article at: https://papersourceonline.com/renters-fear-missing-out-on-homeownership-except-one-group/(subscription required)

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