Exclusive: most renters surveyed by Harris Poll say the areas they live in have become so unaffordable they are ‘barely livable’
The poll, conducted by the Harris Poll Thought Leadership and Future Practice, asked survey takers to identify themselves as renters or homeowners, along with other demographic information. Those polled were asked their opinion on home ownership in the United States. For many, especially renters, the outlook is bleak.
Though the vast majority of renters polled said they want to own a home in the future, 61% said they are worried they will never be able to. A similar percentage believe no matter how hard they work, they’ll never be able to afford a home.
“When you think about Maslow’s hierarchy of needs, and housing is right at that foundational level of security, the implications on consumer psyche when things feel so unaffordable is something that will impact everyone,” said Libby Rodney, chief strategy officer at Harris Poll. The American dream of owning a home “is looking more like a daydream for renters”.
There is a federal first time home buyer program even for non military members. You can put basically 0% down on your first house. You just also have to pay PMI until you have 20% equity in your home. So you are better off making as large of a down payment as you can but it can be as low as 0%. Of course there’s still closing costs but that doesn’t cost too much more than most rentals charge for a security deposit anyways. As far as PMI goes it isn’t that expensive. With the PMI, taxes, and insurance included my mortgage payment on a 3 bedroom house is still less than rent on a 1 bedroom apartment in my area.
It’s better than renting, but PMI is a racket and needs to be discontinued. It’s a handout to the wealthy. The mortgage insurance is the property itself. If you don’t pay your loan, they take the property. It’s a hassle to foreclose a house, but I think mortgage lenders do just fine overall. They must assume some risk, it’s part of the deal.
PMI is just another weight around your neck, it shouldn’t be normalized
It’s BS but it’s still better than renting. With house prices currently bloating like a roadside racoon corpse you can also get rid of it pretty quick.
This is accurate, same experience here. It’s a good solution for new buyers, and the PMI cost should be a small expense relative to the alternative of having the full down payment.