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69% of Renters Would Be Happier Owning a Home, Yet 60% Say It Is Out of Reach, New Data Finds

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When asked to name the single biggest benefit of homeownership, the most common answer for homeowners was privacy (14%), while renters pointed to stability (16%).

St. Louis MO – Jan. 30, 2024 (PRNewswire) On every single aspect of life — from overall quality of life to mental health — homeowners are more satisfied than renters, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.

However, although 69% of renters believe owning a home would make them happier, 60% say homeownership is out of reach.

Why haven't you purchased a home yet?
Why haven’t you purchased a home yet?

The survey found that homeowners, on average, rate their overall happiness at 7.5 out of 10, 20% higher than where renters rate their happiness at just 6.2. Moreover, renters report 22% higher stress levels, with an average score of 6.2 out of 10, compared to homeowners, with an average rating of 5.1 out of 10.

Homeowners and renters rate their level of satisfaction out of 10 for the following:

HomeownersRenters
Living situation7.55.83
Overall happiness7.476.2
Quality of life7.46.22
Mental health7.136.01
Career6.975.61
Physical health6.865.97
Love life6.826.14
Social life6.745.82
Financial well-being6.645.12
Physical attractiveness6.626.06
Net worth6.294.9

In addition, about 2 in 3 renters (67%) are stressed about their finances, compared to fewer than half of homeowners (44%). Further, renters are 86% more likely than homeowners to not consider themselves financially comfortable.

Is homeownership out of reach for you?
Is homeownership out of reach for you?

A resounding 90% of homeowners say they’re happier overall since they bought a home, and another 80% say owning a home was the best decision they ever made.

However, 19% of homeowners wish they were still renting. Nearly half of homeowners (47%) say they miss not having to take care of repairs, and 56% wish they spent less time on maintenance.

More than half (52%) of homeowners say owning a home is more expensive than expected, and 43% find it more challenging than expected. Since purchasing their home, 20% of homeowners admit to being in more non-mortgage debt.

Read the full report at: https://homebay.com/renting-vs-buying/

About Home Bay
Home Bay is a web-property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discount rate.

Please contact Kristen Herhold at 372148@email4pr.com with any questions or to arrange an interview.

CONTACT:  
Kristen Herhold
Clever Real Estate
372148@email4pr.com
720-341-9962

SOURCE Home Bay

New Study Finds High Home Prices Linked to Higher Homelessness Rates in U.S. Metros

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Metro areas with home values higher than the typical U.S. home have homeless rates 2.5x higher than areas with lower-than-average home values. 

St. Louis, MO – July 12, 2023 (PRNewswire) There’s a clear correlation between a lack of affordable housing and high rates of homelessness in America’s biggest cities, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.

The report analyzed the 50 most-populous U.S. metros to determine the connection between home values and homelessness rates.

The cities with the highest rates of homelessness per 100,000 people are:

  1. San Jose, California (636.8)
  2. San Francisco, California (508.8)
  3. Los Angeles, California (501)
  4. Sacramento, California (415.7)
  5. Seattle, Washington (408.9)
  6. New York, New York (340.7)
  7. San Diego, California (256.4)
  8. Las Vegas, Nevada (246.2)
  9. Portland, Oregon (240.3)
  10. Denver, Colorado (231.6)
  11. Hartford, Connecticut (192)
  12. Phoenix, Arizona (182.5)
Cities With High Homeless Rates Have High Rent Prices
Cities With High Homeless Rates Have High Rent Prices
Cities With the Highest Homeless Rates Have Home Values More Than Double the National Average
Cities With the Highest Homeless Rates Have Home Values More Than Double the National Average

These 12 metros have a combined average homelessness rate of 347 per 100,000 people — almost 2x higher than the national average (176 per 100,000 people).

Meanwhile, the typical home value in these metros is 118% higher than the typical value in cities with lower-than-average homelessness — $670,000 vs. $308,000. These cities also have typical monthly rent values almost $700 higher than the national average — $2,274 vs. $1,596. 

San Jose, California, has both the highest rate of homelessness and the highest home prices of any major U.S. metro. Home values in San Jose are 4.5x the national average, at $1.39 million, and the homelessness rate is a whopping 3.5x the national average (636.8 per 100,000 residents).

The 10 metros with the lowest homeless rates per 100,000 residents are:

  1. Atlanta, Georgia (32.8)
  2. Pittsburgh, Pennsylvania (37.4)
  3. Chicago, Illinois (40.7)
  4. Houston, Texas (43.3)
  5. Cincinnati, Ohio (47.8)
  6. Detroit, Michigan (51)
  7. Richmond, Virginia (52.6)
  8. Milwaukee, Wisconsin (53.1)
  9. Charlotte, North Carolina (65.2)
  10. Buffalo, New York (73.6)

The five cities with the lowest homeless rates also have home values 15% lower than the U.S. average ($255,860 vs. $301,466).

Surprisingly, poverty rates are not a good indicator of homeless rates. New Orleans has the highest poverty rate (18.4%) of any city we examined but has a homeless rate half the national average (96 per 100,000 people). This may indicate that, because of a low cost of living, residents can better afford housing despite lower incomes.

Read the full report at: homebay.com/home-values-vs-homeless-2023

About Home Bay

Home Bay is a web-property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discount rate.

Please contact Alyssa Evans at alyssa.evans@movewithclever.com with any questions or for an interview.

CONTACT:
Alyssa Evans
PR Strategist
Clever Real Estate
315-690-1518

SOURCE Home Bay

New Study Finds 72% of Renters Say They’ll Never Be Able to Afford a Home

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Although owning a home is a goal for 85% of renters, 76% say homes are not affordable for the average American.

St. Louis, MO -April 26, 2023 (PRNewswire) High home prices have made the dream of homeownership unattainable for many Americans, according to a new survey from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.

The report, based on responses from 1,000 renters across America, paints a grim picture of the current state of the housing market. More than 3 in 5 renters (61%) believe that younger generations such as Gen Z and millennials will never achieve the same level of homeownership rates as baby boomers.

35% of renters say owning a home is not part of the American dream, including 28% who say it used to be but isn’t anymore. 85% of renters blame inflation for the shortage of affordable homes, and 84% attribute it to high interest rates.

Renters, on average, say they need to earn an additional $74,219 annually to afford the average home in 2023.

In their pursuit of homeownership, 63% of renters (including 73% of millennials) are willing to take on a second job, and 31% would even consider selling their plasma or skipping meals to save for a home. However, despite their efforts, 74% of renters still say they cannot afford to put any money toward a down payment.

Would you be willing to make any of the following sacrifices to be able to own a home?
Would you be willing to make any of the following sacrifices to be able to own a home?
Which of the following milestones are very important to you?
Which of the following milestones are very important to you?

Unsurprisingly, 2 in 3 (66%) renters say current home prices make them feel hopeless, and an overwhelming majority (77%) say the U.S. has an affordable housing crisis. About 1 in 4 renters (24%) say they spend at least 50% of their income on rent — yet the U.S. defines affordable housing as spending no more than 30%.

However, this doesn’t mean that renters have lost all hope — in fact, most (69%) say it’s not too late for the U.S. to solve its housing crisis.

Read the full report at: https://homebay.com/homeownership-american-dream-2023 

About Home Bay
Home Bay is a web property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discount rate.

Please contact Alyssa Evans at 357918@email4pr.com to be connected with a researcher with any questions or for an interview.

CONTACT:                                                                                                                                         
Alyssa Evans
PR Strategist
Clever Real Estate
315-690-1518
357918@email4pr.com

SOURCE Home Bay