Us renters prefer not to buy

Even though buyers in most markets can break even on a home purchase in less than two years, nearly half of renters in a Zillow survey said their credit or finances keep them from buying a home.

Of renters surveyed by the site, 16 per cent said they can't qualify for a home loan, 18 per cent said they can't afford taxes, maintenance and other costs associated with homeownership, and 13 per cent said they don't have enough savings for a down payment. About a quarter said they struggle to pay their rent.

According to the survey, 82 per cent of renters are long-term renters, and 57 per cent are long-term renters, who have lived for a long time in the same home.

Just 14 per cent of renters said they aren't staying long enough in the same place to buy.

Zillow's survey sheds light on why some renters are not buying homes, despite historically low interest rates, prices that remain below peak levels in many areas and rising rents. Mortgage math aside, 20 percent of renters said they simply prefer to rent.

"If the buy versus rent decision were about simple math, we'd likely have millions more homebuyers in the market, because the equation is tilted heavily in favor of buying," said Zillow Chief Economist Dr. Stan Humphries. "But no matter what the numbers say, buying a home is a huge commitment.

"There is no right or wrong choice, and it's important that America's housing market maintains a number of affordable options for renters and buyers, no matter their preferences."