You may be sump pumping water out of your basement with more regularity than you'd like after all the rain this spring, but at least you own your home. That's what several renters might be saying, according to a new report released by Zillow. The report says 45% of renters surveyed said they regret renting rather than buying, compared to only 8% of home buyers who regret buying instead of renting.
But that’s not all that renters regret. Here’s what else they aren’t happy with:
- 52% said renting prevents them from earning equity
- 52% said they couldn't customize or improve their property
- 50% said the rent is too high
- 49% said they lack private outdoor space
- 40% said the size of their housing unit is too small
- 34% said there’s not enough parking
- 31% said pet ownership is too limited
These results also varied by age, with renters regretting less the older they are. Of renters that are 55 or older, 82% said they have at least one regret, compared to 90% of renters aged 18 to 34 who had at least one regret.
That may explain why millennials have grabbed a substantial share of the housing market in recent years. According to Realtor.com, by the end of 2018, millennials represented 45% of all new mortgages, compared to 36% for Generation X, and 17% for baby boomers.
Here's a calculator to help you determine whether buying a home is a better deal than renting. If you have your own regrets for renting and want to enjoy the benefits of home ownership, talk to a NASB mortgage professional today at 855-465-0753 or click here.