Calabasas Property Management

Study Reveals Shift in Attitude on Renting Vs. Owning

Digested From “Study Reveals Shift in Attitude on Renting vs. Owning”
Chicago Tribune (04/12/13) Podmolik, Mary Ellen

According to a recent Hart Research Associates and MacArthur Foundation survey, 57 percent of adults find that buying a house is less appealing, while 54 percent believe renting is more appealing. Moreover, 45 percent of homeowners say they could be renters at some point. Peter Hart, chair emeritus of Hart Research Associates, says, “The stigma of renting is no longer the case. When it comes to living the American dream, the overwhelming response (is) renting is just as appealing.” And Hart Senior Vice President Rebecca Naser says, “It’s not renting versus owning anymore. It’s a continuum through life.” Part of the shift has come from an increase in single-family rental properties, which have grown to 33.5 percent of all rental housing stock from 30.8 percent. Also improving the view of renting is the continued difficulty in getting a mortgage and the increased flexibility renting provides. Hart reported, “That is a change that is more important than anything else. You’re no longer seen as a second-class citizen. ‘Renting is acceptable’ is where we are headed.” The survey also indicated that nearly 67 percent of respondents said federal housing policy should be balanced between homeownership and renting. 

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