by Mike Wheatley | Realty Biz News
Though renters say they dream of owning a home one day, most of them will need to keep renting for at least the next three years, according to a new survey of more than 2,000 adults conducted by Freddie Mac. The majority of renters say they are still struggling financially, but 91 percent say the financial crisis has not deterred their motivation to become home owners.“It’s no secret that for the last several years, consumers have felt more strapped financially, particularly renters,” says David Brickman, executive vice president of Freddie Mac Multifamily. “Many renters are not buying homes because of a perceived lack of ability to afford the down payment or mortgage, as well as poor credit history. But there also is a segment of renters who simply do not want the responsibilities of owning a home.”
Ron Hatcher, Co-Chair of Rose Law Group Transactional Real Estate Department says “Access to financing and having enough money to put down on a home is a systemic issue. The credit histories are clearing out from the negative implications of the recession, but with the FHA loan limits rising, it becomes really tough to scramble the money together to make the required down payment.”
