Most renters regret not buying a home or building equity

Aly J. Yale
The Mortgage Reports contributor

Renter regret

Most renters wish they owned a home. In fact, according to a new report, nearly half of all those who rent say they wish they’d bought a house instead.

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Renters want to buy a house

The new Zillow Housing Aspirations Report sheds light on renter regrets — and at the top of the list? It’s just renting in the first place. Forty-five percent of those surveyed said renting instead of buying was their biggest regret.

Renters also cited not having the chance to build equity in their property, not being able to customize or improve their home and paying too much for rent as top regrets.

Another 28 percent they don’t like their neighbors, while 31 percent said had problems with their property’s pet policies.

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Renters report more regrets than homeowners

Most of those who rent also have complaints about the features of their properties. A lack of outdoor space, not enough parking and bad locations were all noted in the survey. Another 40 percent simply said their rentals were too small.

Overall, renters were more likely to have a problem with their home. Eighty-seven percent of renters have at least one regret about their property or its features. Only 72 percent of homeowners do.

Study reveals Millennials spend nearly $100K in rent costs by age 30

Residents who rent in Phoenix are the most likely to have issues with their property or its features, with 93 percent reporting at least one regret. More than 90 percent of San Francisco, Denver, San Diego and San Jose renters also reported at least one problem with their property.

Younger generations are more likely to have issues with their properties than older ones. Nine out of every 10 renters under 35 have regrets about their properties, while only 82 percent of those 55 and older do.

The cost of homeownership vs. renting over 3. 5 and 10 years

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Are you ready to get out of the rent race and buy a home? Then shop around for your mortgage rate today.

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