The results of the first "Rentonomics" Report have been released by Apartment List, which uses both pricing and survey data to take the pulse of the rental economy in America.
"Forty percent of American households rent, and we want to shed light on how this important slice of the population is faring leading up to the elections," said John Kobs, CEO and co-founder of Apartment List. "The fact that a quarter of renters plan to never own a home indicates to us that the definition of the American Dream is changing. While the resale market slowly recovers, it seems that more Americans are embracing renting for the long term. We will be keeping a close eye on how the next administration can improve the situation for renters around the U.S."
Nearly half of renters surveyed say renting is smarter than buying, and one quarter never intend to own a home
When asked about the length of time they plan to rent, 24% of renters say they plan to rent for the rest of their lives. 47% of all people surveyed believe renting is smarter than buying a home in today's economy.
Also, 37% of renters say home ownership is overrated and is not an important life goal. Of the 24% who said outright they do not want to be homeowners, 39% cite the expense of homeownership as a deterrent, and 31% believe that owning is too risky financially.
Of renters who do plan to eventually buy a home, only 4% indicated an intention to buy in the next year. 41% say they plan to rent for the next one to three years. 20% plan to rent for four to five years and 7% think they will rent for six to ten years.
For information on apartments in Roanoke, contact Honeywood Apartments.