Many Americans, 110 million to be precise, rent their homes. And, a new survey explains why they might not be too happy about it.
In its "Renting in the United States: The Year in Review" report, real estate rental site Apartment List outlined a few curious facts about the reality facing those millions of Americans. For instance, 51 percent of American renters are considered "cost-burdened," defined as spending more than 30 percent of income in rent, researchers said.
Paying so much to a landlord seriously limits renters' "ability to save for the down payment on a home," they added.
Here in Philadelphia, the report outlined some interesting tidbits, including:
- A 2-bedroom apartment has a median price of $830, which reflects an increase of 3.9 percent over 2014
- 58 percent of Philadelphia renters are are considered "cost-burdened"
- Philly renters gave researchers a "C-" rating for "overall city satisfaction," which ranks 80th out of 100 cities surveyed
In a distressing bit of cognitive dissonance, while 58 percent of renters in Philadelphia are paying too much in rent, two thirds of renters still intend on one day purchasing a home. In other words, you might just resent your landlord a bit.
That stress is shared nationwide, though.
Even as home ownership continues to fall in the U.S., and as adults living with their parents continues to increase, 74 percent of American Millennials told researchers they plan to buy a home – eventually.