High rents in many U.S. markets prevented many renters from becoming homeowners in the third quarter of 2015, according to real estate website Zillow.com.
After analyzing income, rental and housing sale data, the Seattle-based company determined mortgages remain significantly more affordable than rents in many markets, but added many renters could not save mortgage down payments because of their high rents.
"In general, paying a mortgage is more affordable than renting, and has been for some time," Zillow Chief Economist Svenja Gudell said. "Unfortunately, many current renters aren't able to realize the savings that come with homeownership because as home values and rents keep rising, it's getting increasingly difficult to clear the down payment hurdle."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
