Posted August 18, 2011 by RentJungle
The recent economic doldrums have removed doubts about renting in the minds of many Americans, he adds. “If you ask renters if renting or owning is a better financial decision, they say owning is a better long-term decision. But if they had to move in the near-term, they would rent again.”
Americans report they believe renting can be a good financial decision, he says, noting that owning tends to take priority after a couple has children. “But even among those folks, they say we have to get our credit in shape, and be financially sound enough to maintain a home. And they want their employment situation to be secure enough that they will be able to sustain [home ownership].”
There are approximately 4.5 million single-family home mortgages with delinquencies in excess of 90 days, Duncan says. Renters have observed the downside of home ownership and will be more cautious going forward.