Skip to main content

Study: Most Believe Homeownership is More Affordable Than Renting

Phil Hall
Apr 16, 2019
Half of U.S. adults believe homeownership is the most affordable housing option while 26 percent believe renting is more affordable and 24 percent are not sure which is best

Half of U.S. adults believe homeownership is the most affordable housing option while 26 percent believe renting is more affordable and 24 percent are not sure which is best, according to data in the National Foundation for Credit Counseling’s annual Consumer Financial Literacy Survey.
 
Among the more than 2,000 respondents polled for the survey, 80 percent said they tried to purchase a home and 70 percent said they are homeowners. For those in pursuit of the American Dream, the top five obstacles they faced were rising home prices, lack of funding for the down payment or closing costs; existing debt, limited housing options within an available budget and poor credit history or a low credit score.
 
The survey also determined that 42 percent of adults claiming they have a budget and keep close track of how much they spend on such things as food, housing, and entertainment, while 56 percent said they were now spending the same as last year and 59 percent said they were now saving the same as last year. Sixty-five percent of respondents said they save some portion of their household’s annual income for retirement, but only 18 percent said they felt very confident they were saving enough and 27 percent were not confident at all.

 
Published
Apr 16, 2019
Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023