More renters foresee a bleak outlook for the prospect of ever owning a home. Nearly 40% have given up on that cornerstone of the American dream, discouraged by soaring house prices that are out of reach of many average households.
Prices have risen 8% from a year ago to $76,000 for the typical starter home, according to a Redfin survey prepared by Qualtrics. In many big cities, a price in that range would be impossible to find.
One in three respondents said they would be unable to save the amount required for a downpayment. "The typical downpayment is near $60,000," said Redfin's chief economist Daryl Fairweather. A similar share could not afford mortgage payments. One in five could not come up with the funds for maintenance and upkeep. And 10% could not contemplate home buying with student loans hanging over their heads.
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