According to a new study, the appeal of renting versus owning a home is changing across the country.
Following the housing crisis, 54% of survey respondents say renting a home has become more appealing and 57% say that buying a home has become less appealing.
Even though there are positive signs that the housing market has rebounded, the public clearly remains nervous. In fact, 77% believe the nation is still in the midst of the housing crisis or the worst is still to come.
The study examines how American attitudes have been transformed by the housing market collapse and changing lifestyles.
In the past, homeownership and renting were seen more as a zero-sum game.
It's a new way of looking at housing in general. You can still aspire to own a home but still see renting in your future.
In another finding, the study reveals that the public favors a balanced housing policy. 65% believe that housing policy should be equally split on ensuring people have access to rental housing and houses to own.
The survey underscores that it's no longer renters versus owners, the haves versus the have-nots, or the young versus the old. There is a new and real acceptance of a more balanced approach to housing policy that puts renting and owning on a more equal footing.
Other findings of the survey include:
- 45% of respondents have experienced a time when their housing situation was insecure or unstable;
- 45% of current owners can see themselves renting at some point in the future; and
- Roughly seven in 10 believe that government policies "ensuring that more people have decent, stable housing that they can afford" leads to a major positive impact on the safety and economic well-being of neighborhoods, children's ability to do well in school, and family financial security.