PHOENIX — Nearly a quarter of non-homeowners nationwide claimed they do not want to own a home just yet, according to a new report from Bankrate.com.
The report found 35 percent of non-homeowners and 44 percent of millennials do not want to own a home right now because they do not want to be homeowners yet.
Holden Lewis, senior mortgage analyst with Bankrate.com, said these findings suggest that millennials are not looking for long-term commitment and hope to settle down later in life.
“It’s not surprising that a lot of millennials aren’t interested in home ownership yet,” he said in a recent press release. “Renting allows them more freedom to move.”
The report also found that four in 10 middle-aged Americans do not own a home. Thirty-one percent of these non-homeowners said they cannot afford the down payment on a home and another 20 percent said their credit score is not good enough to qualify for a mortgage.
Lewis said many of these income and credit issues could have roots that go back to the Great Recession.
For those looking to get back up on their feet financially, non-homeowners should contact nonprofit housing counseling agencies and become a part of down payment assistance programs.
- Suspect arrested in connection to burglary of Fountain Hills home
- How to electronically secure your home when you’re away
- Home prices in Maricopa County rising faster than wages, expert says
- Ex-Cardinals kicker Jay Feely selling Phoenix-area home for $2.65 million
- Phoenix residents work for 4 years to earn enough for down payment