A Freddie Mac survey shows that just 39 percent of U.S. renters regard saving for a downpayment for a home as a priority.
The October poll of 2,020 adults, including 703 who rent their homes, further shows how difficult it has become for many tenants just to make ends meet. Many are now cutting back on essentials, and some are considering getting roommates as a means of offsetting recent rent hikes because of ever-increasing demand.
The findings reveal that 66 percent of renters carry some form of debt each month. Additionally, renters are putting other priorities above saving for a downpayment.
For instance, nearly 59 percent say they prioritize saving money for an emergency or unexpected expense, while 51 percent have made saving for retirement a main focus point over saving for a downpayment.
Freddie Mac also found that Generation Xers are more likely than Gen Yers or Baby Boomers to become homeowners in the next three years.
Source: MortgageOrb.com (11/19/15)
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