With the cost of buying a home financially out of reach for most Americans, a growing number of people are choosing to rent a single-family home.
Nearly 2.5 million U.S. households have rented a single-family home in the past 12 months alone, according to an October estimate from the National Rental Home Council.
“It is generally less expensive to rent a home than to buy one, so for most Americans the path to homeownership starts with renting while saving for a down payment,” Yanling Mayer, an economist with real estate research firm CoreLogic, said in a report this week. “However, homeownership is becoming more elusive than ever for many people, as surging rents over the last few years have put an increasing financial burden on budgets.”
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