Americans Are Renting By Choice
As 41% of renters say their “American dream” has nothing to do with homeownership, an increasing number of Americans are placing higher value on renting than owning a home. One in 5 (20%) expect to be lifelong renters, a 33% increase from 2021, according to Entrata’s The New American Dream report.
Because renting offers flexibility and freedom, 66% of renters say renting fits their current lifestyle more than owning a home, 23% of renters like the location flexibility renting gives them, and 17% like the financial flexibility of not being tied to a mortgage.
“Today’s apartment residents are reshaping the traditional American dream to fit what’s most important to them, including flexibility, prime amenities offered in their communities, and the ability to live life on their terms,” says Entrata CEO Adam Edmunds.
“Many renters no longer see the need to be tied to a home and a mortgage when apartment communities provide everything they need. Experiences seem to be at the core of the new American dream, and renters are making the most of them,” he adds.