![]() ![]() Rising housing costs are an issue in the rental market too, as nearly 1 in 4 renters say they currently spend 50% or more of their income on rent. High interest rates: 71% of respondents.Can't afford a down payment: 72% of respondents.Can't afford one in general: 78% of respondents.When renters selected reasons for not owning a home, the three most popular were related to cost: "Being debt-free, having a comfortable retirement and owning a car directly correlate to a higher quality of life and financial freedom." "With homeownership comes repair and maintenance, property taxes and homeowners insurance, all of which come with a price and reduce your freedom," says Michelle Gessner, a certified financial planner in Houston. Some respondents aren't interested in homebuying at all, with just over a third saying they would rather spend money elsewhere. ![]()
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