More commonly, over two-thirds say they'd take on a second job to make home ownership a reality.ĭON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! On the flip side, many renters who want to own a home would go to extremes to buy one, the survey found: 31% of renters would sell their plasma and 29% would skip meals if it meant they could afford a home. That's far more than the target 30% of total income financial experts typically recommend putting toward housing.

Rising housing costs are an issue in the rental market too, as nearly 1 in 4 renters say they currently spend 50% or more of their income on rent.

High interest rates: 71% of respondents.Can't afford a down payment: 72% of respondents.Can't afford one in general: 78% of respondents.When renters selected reasons for not owning a home, the three most popular were related to cost: 'Being debt-free, having a comfortable retirement and owning a car directly correlate to a higher quality of life and financial freedom.' 'With homeownership comes repair and maintenance, property taxes and homeowners insurance, all of which come with a price and reduce your freedom,' says Michelle Gessner, a certified financial planner in Houston. Some respondents aren't interested in homebuying at all, with just over a third saying they would rather spend money elsewhere.

Having a comfortable retirement: 66% of respondents.

Here are the most popular milestones they chose: While 51% of renters consider owning a home to be a 'very important' financial milestone, survey respondents were more likely to select other achievements as priorities. The median home price climbed from $329,000 in January 2020 to $476,800 as of April 2023, according to the most recent U.S. With median home prices up 33% since January 2020, 77% of renters say the U.S.

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