Pandemic Delays Homeownership By Five Years or Longer

Homeownership may be off the table or significantly delayed for a huge segment of the current rental market. According to a new study from Yardi’s Rent Café, 43% of renters report that they will not be able to achieve homeownership for five years or longer due to the economic impact from the pandemic. 21% of respondents in the survey said that they could not buy a home for at least five years and 23% of respondents said they would never be able to purchase a home.

“The reason why most renters don’t plan on becoming homeowners in the near future is financial worry,” Florentina Sarac of Rent Café tells GlobeSt.com. “With home prices already high, they assume that the current pandemic won’t have a positive effect on the housing market – on the contrary. Despite a desire to own a home, renters are shying away from doing so as they not only can’t find a home priced within their budget, but they also have to take into consideration the unpredictability of current events.”