I am not taking issue with the report. Perhaps the respondents need more information and education.
According to the research, the top 10 reasons renters give for not planning to buy in the future:
• Cannot afford the purchase or upkeep of a home
Part of the monthly rent, renters pay goes to maintenance and maintenance should be calculated in total home purchase.
• Not good enough credit for a mortgage
The respondents probably know their credit situation, however they should speak to a bank or mortgage broker for additional information. They may be pleasantly surprised who will give them a loan and what it will cost.
• Not a good time economically to buy a home
I do not understand this one.
• Cheaper per month to rent than to buy
Once again, if the respondents take the time to run the numbers I believe their perception will change.
• Don't want to be concerned with doing the upkeep
Perhaps if they knew the cost of this freedom they may make different decisions.
• Don't plan to be in a certain area for an extended period of time
I do get this one. As someone who has moved a number of times in my career, the idea of buying can be scary. Fortunately I made money on most of the homes I turned over during my changes.
• Rather use the money for other investments than a home
Over the long run home ownership has proven to be a wise investment for many. In the recent past depending on what you bought and when you bought that may not be true for the short term.
• Process of buying a home seems too complicated
I believe renting is more complicated than buying.
• Purchasing a home limits flexibility in future choices
I do not believe that to be true in the longer term. It may be true in the short term.
• Can live in better neighborhood by renting
Perhaps in some instances this may be true. I have a daughter that lives in Santa Monica California. I do not know if she could afford to buy where she rents. I think this is true in most large cities.
The opinions expressed above are my own and I may be biased being a real estate broker. If you are a renter and would like to discuss this further I would be pleased to consult with you.