All Generations Believe Renting Is More Affordable Than Owning—Even Though It’s Not True
According to new research from lender Freddie Mac, every generation from millennials to Baby Boomers are continuing to rent because they think it’s saving them money. According to the report, 76% of Millennials and 81% of Baby Boomers said renting was the more affordable option.
With Rent prices rising across the country, that no longer the case. According to the recent Market Outlook Report, rent costs are rising year over year in nearly 73% of counties across the United States. According to Trulia, it is now more affordable to own a home than to rent in 98% of the largest metro markets in the US.
The misconception that renting is more affordable than homeownership is not only costing renters money, it’s also costing the ability to own their own home. If you’ve been renting because you believe it’s saving you money, no matter how old you are…it’s time to look at the facts, re-evaluate your situation, and consider transitioning to homeownership.