That trend is developing at a time the U.S. housing market is showing distinct signs of recovery. According to the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury's most recent Housing Scorecard, the housing market is "showing strong annual gains," although that recovery is fragile. In other words, despite improvement, there is no guarantee progress in the housing market is a given. Apparently, Americans aren't counting on any major improvements in the economy, or in the housing market. So much so, that renting a home is increasingly seen as a better option than owning a home. That's the conclusion of a study by Hart Research Associates and the MacArthur Foundation, How Housing Matters.
The survey says that while economists and politicians are saying the worst is behind us, from a home value point of view U.S. adults just aren't buying it.
"Many of the positive attributes that have long been associated with homeownership are fading ... it is remarkable that nearly half of all homeowners can picture themselves one day becoming a renter," he says. That's good news for property owners who buy apartments and homes for an investment. But with rental rates rising and a long future of making those payments with no equity stake in the deal, it may not be such good news for a new, growing generation of renters facing monthly payments as far as their eyes can see. And likely longer.