American dream of attainable homeownership continues to fade: report

Freddie Mac survey shows two-thirds of renters say they just can't buy

TRD New York /
Apr.April 03, 2018 04:25 PM

The number of American renters who can’t afford to buy a home is through the roof, according to a new survey by mortgage insurer Freddie Mac.

The Wall Street Journal reported that the group of renters who say they don’t have enough money to become a homeowner rose from 59 percent to about 67 percent in just two years time.

“Housing is becoming less and less affordable. Renting is perceived to be the more affordable housing option,” said David Brickman, head of Freddie Mac’s multifamily division.

Though more renters report being better off financially than they were last year, that’s not enough to compensate for the pace of housing prices. According to an analysis cited by the Journal, the S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% year-over-year this January, but average apartment rents only rose 3.9% over roughly the same period. [WSJ]Will Parker


Related Articles

arrow_forward_ios
157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

arrow_forward_ios
Loading...