Renters Say Being Debt Free is More Important Than Owning a Home, According to New Survey
Written by
Dawn Allcot
Edited by
Sean Fisher
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A house with a picket fence and a yard with room for the kids (or fur-babies) to run used to be the American dream. Now, you can rent someone else’s yard space for your dog on SniffSpot.com and many Gen Z and millennials are saying the dream of homeownership is outdated.
Thirty-five percent of renters across all age groups say that homeownership is not part of the American dream in 2023, according to a new survey from Home Bay. Twenty-eight percent of that group says it used to be part of the dream, but that isn’t the case anymore. Only 44% of renters feel homeownership is attainable for the average American, while 66% say the price of homes today makes them feel “hopeless” about owning.
Shift in Financial Priorities
While 51% of renters still say owning a home is “very important” to them, financial priorities have shifted. Listing their most important milestones, renters placed “being debt-free” at the top of the list (71%). “Having a comfortable retirement” (66%) ranked second, while “owning a car,” was third, with 59% of votes.
With 14 million Americans carrying more than $10,000 in credit card debt, based on a recent GOBankingRates survey, ditching that debt could help those other financial goals — including a comfortable retirement and maybe even homeownership — fall into place.
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