Pandemic holding up 43% of renters ready to buy

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With reports of new coronavirus cases continuing to grow and some states reversing course on re-opening, the COVID-19 pandemic continues to upend the United States economy in an unprecedented fashion. New data from apartment rental website RentCafe has quantified yet another of the outbreak’s impacts: For 43% of renters ready to buy, the pandemic has, at least for now, hindered the path to homeownership. RentCafe’s survey, conducted at the end of May, polled nearly 7,000 renters on their housing plans before and after the coronavirus hit. Asked how their housing plans have changed because of the pandemic, 43% responded that they had reconsidered buying a home in 2020. Notably, 50% of older millennials answered that they had reconsidered a home purchase this year, representing a significant detour for half of one of the current market’s driving demographics.

Read the full Scotsman Guide article here.