Skip to main content

Zillow: Today’s Renters Face Sacrifice and Angst

Phil Hall
Nov 14, 2019
Photo credit: Getty Images/Thunderstock

An increase in rents across the country has create a new level of anxiety and challenge for households that do not own their residence, according to new data report from Zillow.
The new report, which was based on a survey of 13,000 households, noted that renters typically spend a larger share of their income on rent than they did a year ago in 28 of the nation’s 35 largest housing markets. However, 42 percent of these of renters said that they ended up in a location outside of the area they initially considered–mostly because they could not afford homes in their preferred neighborhood.
Zillow found that more than two-thirds of renters have some type of debt, and many are making a financial sacrifice to cover housing expenses. Three-quarters of Generation Z renters and 69 percent of Millennial renters make at least one sacrifice, according to Zillow, compared with 60 percent of Generation X renters and 53 percent of baby boomer and silent generation renters.
"Renting a home in the U.S. is a tale of two renters," said Zillow Economist Kathryn Coursolle. "Renting provides an ideal lifestyle for many who value the freedom to move more easily as life changes and want to be free from the burden of maintenance responsibilities. But there's another group that wants to own a home and views renting as a temporary state until they can make the transition to homeownership. Amid the high home price growth of the past decade or so, saving for a downpayment is a struggle for many renters that are making real sacrifices just to make rent each month, and in some cases are one minor setback away from falling behind."

Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021