A third of U.S. renters say they will never afford to own a home
According to a recent CNBC/SurveyMonkey survey, one-third of U.S. renters believe homeownership is financially unattainable for them. This sentiment spans across age groups, with similar percentages reported among both younger and older renters. High mortgage rates—averaging around 7.56% in late September—are cited as a major obstacle to purchasing homes. In addition to elevated interest rates, rising home prices have made affordability increasingly difficult. The median existing-home sale price reached $429,100 in August 2026, up nearly 38% since August 2020. Financial planners note that the costs of homeownership extend beyond mortgage payments and include down payments, closing costs, property taxes, and insurance. The survey also highlights a decline in first-time homebuyers to just 21% of all buyers in 2025—the lowest since records began in 1981. While some renters are content with the flexibility and lower financial burden that renting offers, experts emphasize the importance of realistic savings planning for those aiming to buy.
Topics: home affordability housing prices mortgage rates renters' behavior