For generations, attaining homeownership was considered the cornerstone of the American Dream. However, a new survey by Cortland suggests that perception is rapidly changing. Nearly half of American renters (43%) say renting has enhanced their quality of life compared to owning a home. Among these renters, the top reasons cited for their improved lifestyle include affordability (59%), location convenience (51%), and maintenance-free living (49%).
Homeownership No Longer the End Goal
Traditional attitudes toward homeownership as the ultimate life milestone are shifting. Only 32% of renters consider owning a home part of their ideal future. Instead, many renters are opting out due to concerns over maintenance responsibilities (45%) and avoiding mortgage debt (40%).
“The landscape of American living is evolving, and apartment living is no longer just a temporary phase,” said Juan Bueno, President of Operations at Cortland. “For many, it’s a deliberate choice due to the flexibility and amenities renting offers, in addition to an enhanced experience, community, and freedom from the burdens often associated with traditional homeownership.”
Monitoring Generational Shifts
Generational differences further highlight this shift. More than 40% of Gen Z and millennial renters are unsure or doubtful about ever owning a home. Despite this, a strong majority—84% of Gen Z and 81% of millennials—say they are at least somewhat satisfied with renting as an alternative. Even 71% of Gen X and older renters express contentment with their rental lifestyle.
Overcoming the Barriers to Homeownership
Several financial challenges continue to make homeownership out of reach for many renters:
- High housing costs (58%) remain the top barrier.
- Rising living expenses (52%) are another significant concern.
- A lack of savings (46%) prevents many from affording a down payment.
An interest stat uncovered by Cortland’s study showed those who intend to be lifelong renters have higher expectations for rental properties (53%), and nearly half of all renters (49%) believe renting can meet their needs just as well as homeownership.
Community and Lifestyle Benefits as Primary Drivers
Beyond financial reasons, many renters appreciate the lifestyle benefits that come with renting. A third (34%) of those who feel renting has improved their quality of life credit a sense of community as a key factor.
It is also noteworthy that location preferences vary by region. While 42% of renters nationwide would prefer a suburban setting if they were to rent permanently, a majority (38%) of renters in the Northeast favor city living.
Also of interest is that those who have previously owned a home are more likely to say renting has improved their quality of life (52%) than those who have never owned (38%).
Ushering in a New Era in Housing Preferences
“This evolution in housing preferences marks a critical moment for the multifamily industry,” said Mike Gomes, Chief Experience Officer at Cortland. “As attitudes shift, Cortland continues to leverage data-driven insights to tailor our offerings and improve our service delivery, aiming to go above and beyond expectations to enrich the lives of Americans who choose renting as their housing solution.”
As the housing market remains challenging for buyers, renting is increasingly being viewed as a long-term, viable lifestyle choice—one that provides flexibility, financial relief, and an enhanced quality of life.
Click here for more on Cortland’s report on renting versus homeownership.
The post More Renters Rejecting the American Dream first appeared on The MortgagePoint.
