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A new Freddie Mac survey revealed renters are becoming increasingly confident in the state of their finances. This optimism has grown to such a degree that many plan to stay put, even as rents continue to rise.
Forty-one percent of renters have enough cash to last beyond the coming payday, the report released April 7 revealed. This is a strong increase compared to the 34% reported in Freddic Mac's last survey in September, Multifamily Executive reports. Financial confidence increased the most from September to April among rural households and Baby Boomers, rising from 27% to 46% and from 38% to 48%, respectively.
While financial confidence grew, the survey also found that fewer renters are planning on buying a home or moving within the next couple of years. Freddie Mac said 41% of renters expect to own a home, down from the 45% recorded in September, and the number of Americans actively working toward homeownership fell from 21% to 15%.
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