Most Renters Not Saving for Future Downpayment

Mortgage professionals eager to lure renters into homeownership may not be pleased with the results of a new Freddie Mac survey, which found two-thirds of those living in rental units were carrying debt and little more than one-third of that demographic placed importance on saving for a downpayment.

The new survey, which was conducted online last month by Harris Poll, asked renters to list their money saving goals. Putting cash aside for an emergency or an unexpected expense was the greatest priority (59), followed by retirement (51 percent) and children's education (50 percent). A downpayment was a low priority, cited by only 39 percent. However, most of those polled admitted that were behind in saving for any future happening.

As for potential homeowners, Generation X renters had the greatest expectation to buy a home in the next three years (58 percent), compared to 42 percent of Millennials and 33 percent of Baby Boomers. And 48 percent of renters in single-family properties are dissatisfied with renting and were thinking of buying a home in three years, compared to 28 percent of multifamily renters.