Fewer Renters Planning to Buy a Home

first_img Previous: How Did Refis Impact the 2008 Financial Crisis? Next: Is Housing Ready for a Rebound? Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fewer Renters Planning to Buy a Home Baby Boomers First-Time Homebuyers Freddie Mac Generation X Homebuyers Millennials rental market Renters Single Family Rental 2018-04-09 Krista Franks Brock Amid heightened concern for housing affordability and overall rental satisfaction, renting has become increasingly favored among some segments of the population in the United States. Among renters, 67 percent say they believe renting is currently more affordable than owning a home, and 66 percent say they are satisfied with their rental experience, according to research released by Freddie Mac Multifamily.Freddie Mac Multifamily reported in its “Profile of Today’s Renter” that 55 percent of renters say they believe their next residence will be a rental, according to the survey. The percentage of renters who say they have no interest in owning a home is also on the rise, climbing three percentage points up to 20 percent from Freddie Mac’s previous survey in August 2017 to its most recent survey conducted in February. The preference is notably more pronounced among older generations. Just seven percent of millennials stated they had no interest in owning a home, while 19 percent of Generation X renters and 35 percent of baby boomer renters reported the same sentiment. “Indeed, we are witnessing a historic shift in preference among older Americans, as they increasingly are choosing the size, convenience, and affordability that renting offers over ownership,” said David Brickman, EVP and Head of Freddie Mac Multifamily. Suburban renters are the most likely to express a desire to own a home, with just 18 percent saying they have no desire, compared to 21 percent of both rural and urban renters. The shift appears to be the result of a perceived decline in affordability.“Perceptions of affordability and cost continue to play an outsized role in the choices of America’s renters, as they overwhelmingly see renting as more affordable and the right choice for them—right now,” Brickman said. In all, 67 percent of renters who plan to continue renting cite financial reasons for their choice, an increase from 59 percent two years ago. Millennial renters were the most likely to cite financial reasons as their reason to continue renting in the future, although financial concerns are on the rise among all three generations surveyed.  Seventy-four percent of millennials who plan to continue renting said financial reasons drove their decision, up from 59 percent in 2016. Sixty-five percent of Generation X renters who plan to continue renting will do so for financial reasons, up from 63 percent in 2016. Finally, 62 percent of baby boomers cited that rationale, up from 58 percent in 2016. Renters in the West are feeling the effects of rising home prices and rent prices most acutely. Fifty-one percent of Western renters stated that owning a home has become more difficult over the past three years, compared with 43 percent in the Northeast, 36 percent in the South, and 27 percent in the Midwest. Furthermore, 64 percent of those surveyed in the West say rent increases have caused them to spend less on other essentials, which is a full nine percentage points higher than in any other region, according to Freddie Mac’s research. Despite these challenges, renters on the West Coast are more likely than those in other regions to remain in their current rental rather than move after experiencing an increase in rent, with 71 percent saying they will not move, compared with 63 percent in the Midwest, 58 percent in the South, and 67 percent in the Northeast. Renters claim to be largely satisfied with their rental experience, according to the Freddie Mac data. The most recent survey found 66 percent of renters reporting satisfaction, up 6 percentage points from the previous survey in August 2017.“Renter satisfaction remains high, but the continued shortage of supply and growing demand means more renters are looking at cost than ever before,” Brickman said. In fact, in a companion survey from GfK Custom Research revealing mobility trends among renters, 64 percent of renters stated price was the most important factor for them when choosing their next home, significantly more than the 36 percent who said location was their top priority. Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Share Save Related Articles in Daily Dose, Featured, Journal, Market Studies, News Tagged with: Baby Boomers First-Time Homebuyers Freddie Mac Generation X Homebuyers Millennials rental market Renters Single Family Rental Fewer Renters Planning to Buy a Home April 9, 2018 2,100 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

USG-funded speaker event draws criticism

first_imgStudents from a variety of ideologies are coming together in protest of the Undergraduate Student Government’s decision to provide funding to help bring a controversial speaker to campus Thursday.Students for Justice in Palestine has arranged to host Norman Finkelstein as part of Palestine Awareness Week. Finkelstein has argued that some Jews have exploited the Holocaust and his appearance on campus has raised eyebrows. Students are more concerned, however, about the source of funding for the event than about the event itself.SJP submitted an application to USG’s Discretionary Funding Board for money to help bring Finkelstein to campus. The application met USG’s guidelines, and SJP was granted the requested funds. The Discretionary Funding Board money comes from the student programming fee — the $55.50 fee each student pays every semester.Student organizations, including ’SC Students for Israel, College Democrats, College Republicans and several others, wrote and submitted a letter to USG expressing concern that USG was using student activity money to fund as controversial a speaker as Finkelstein, who they called a Holocaust-denier outside the realm of academia.“We’re very opposed to him receiving USC money for his visit,” said Lauren Korbatov, director of public relations for College Republicans. “It’s like bringing a guy that said slavery never happened in the United States.”Korbatov and others noted that they are not against freedom of speech; they simply disagree with the use of student funds in sponsoring some events.“We support freedom of speech but we don’t support funding a speaker like this,” said Aaron Perman, vice president of College Democrats.Shanel Melamed, president of ’SC Students for Israel, echoed this sentiment.“My concern is that we go to a truly amazing school,” she said. “The money that we pay for the school and the student activity fee should be going toward civilized academic discussion … how can the school fund a speaker that supports violence against Israelis?”Ashwin Appiah, USG’s treasurer, said USG makes funding decisions based on a set of guidelines, and Finkelstein’s visit met all the requirements.“We stay neutral in the events that we fund,” Appiah said. “We do not judge on content. Every student deserves this money as much as the other.”The issue was brought to the attention of the Office of Student Affairs, but Vice President for Student Affairs Michael Jackson said he was not involved in the decision to fund the event.“It is not up to me, for example, to censor a program that our student government has agreed that they want to support,” Jackson said. “I’ve never censored a student event, and I’m not going to start now … Students would be very mad at me.”Marwa Katbi, a member of SJP, said the group considered a number of speakers before choosing Finkelstein.“He’s a speaker who can provide students with a different perspective on the [Israeli-Palestinian] conflicts from what people normally hear,” she said.Finkelstein will speak about the contents of his latest book, This Time We Went Too Far, about the most recent massacre in Gaza and the different pressures within the Jewish community that challenge racist policies in Israel. Katbi said she hopes students will come out to hear the talk.“With issues of controversy, it would be unfortunate if this opportunity to learn was bypassed for the comfort and convenience of the community,” Katbi said.SJP expects about 100 attendees and has talked to university officials about preparing for any protests or acts of opposition, Katbi said. Though Finkelstein requests security not be present at his lectures, Department of Public Safety officials are aware of the situation and are prepared to intervene as needed.Students not involved in the event or the protest expressed mixed feelings about whether or not USG should use the student programming fee to fund controversial events and speakers.Melissa Gish, a junior majoring in chemistry, suggested that USG sponsor a debate to ensure views on both sides of the issue are heard.Others, however, said they do not think USG should judge the content of events looking for funding.“I think you can’t discriminate based on a person’s opinion,” said Swade Geiger, a sophomore majoring in mechanical engineering. “It’s up to us whether or not we listen to what he says. We give [USG] our right to decide who comes.”USG has since responded to the letter from the student groups, explaining  in an e-mail USG’s procedure for granting student organizations funding. But Melamed felt the e-mail was an “informal response” to their letter and did not address her concerns.“For the school to fund an individual who is going to stand there and say that it’s OK for me to be killed is really, really scary, and I myself, I’m getting scared for my security,” Melamed said.Correction: The original version of this article included an unattributed claim that Norman Finkelstein is said to be a Holocaust denier. Finkelstein has argued that some Jews have exploited the Holocaust, but he is not a Holocaust denier.last_img read more