One-Third of U.S. Renters Want to Own A Home But Believe They’ll Never Be Able to Afford One

Renters who hope to buy a house someday are increasingly convinced that rising prices, mortgage rates, and the cost of basic necessities will keep them from ever getting the keys to a place of their own.

A new CNBC and SurveyMonkey poll found that 34% of American renters want to own a home but believe they will never be able to afford one, highlighting the growing divide between the desire for homeownership and the financial realities facing households across the country.

The pessimism extends well beyond younger generations. Among renters ages 18 to 34, 35% believe they will never be able to afford a home. That figure rises slightly to 36% among those ages 35 to 64.

According to the survey, 87% of renters still want to own a home, but only 23% are certain they will eventually be able to do so. Another 29% believe they might become homeowners someday. More than half of renters, 52%, said they cannot afford a down payment, while 47% cited insufficient income or credit scores that would prevent them from qualifying for a mortgage.

Another 42% identified high mortgage rates as a barrier, while 32% said the homes available within their budgets do not meet their needs. Only 15% pointed to a shortage of available properties in their area.

The findings suggest that simply increasing the number of homes for sale may not resolve the affordability problem for households that cannot accumulate enough savings or qualify for financing.

The financial pressure begins long before prospective buyers start searching for a house. One in four renters spends at least half of their pretax income on housing, nearly twice the 14% reported among homeowners with mortgages.

Among renters, 64% identified their monthly housing payments as their biggest source of financial stress. That leaves less money available for building an emergency fund, paying down debt or saving for a future down payment.

The survey also found that 73% of Americans believe buying a home has become more difficult over the past five years. Respondents overwhelmingly blamed higher home prices, cited by 72%, followed by everyday living expenses that limit savings, at 70%, and higher mortgage rates, at 66%.

Even Americans who already own homes are feeling the squeeze. Among mortgage holders, 84% said their housing costs had increased over the previous five years, including expenses related to insurance, property taxes, and interest. Nearly three in 10 reported significant increases.

The problem is also reshaping expectations about what Americans can realistically purchase. Among respondents who were looking to buy or hoped to purchase a home eventually, 72% preferred a single-family house. However, the combination of limited savings, expensive financing, and high property prices makes that goal difficult to achieve.

Mortgage rates present another obstacle, as the survey found that 61% of prospective buyers considered a 7% mortgage rate too expensive, underscoring how borrowing costs can discourage purchases even among households that have managed to save money.

Despite these challenges, 16% of renters said they were actively looking to purchase a home, while another 62% planned to buy sometime in the future. Only 22% said they never intended to purchase one.