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Debt, bad credit keep renters from becoming homeowners, Fed survey shows
By Jeff Lazerson
What I think: A new survey by the Federal Reserve Bank of New York provides a glimpse into why renters are struggling and why others are able to buy a home.
Responses to the plethora of questions in the 2018 Survey of Consumer Expectations regarding Housing demonstrate that while many renters want to buy a home, they have lower incomes, less savings, lower credit scores and higher debt.
Here are a few of the biggest buckets of interesting and contrasting answers offering a snapshot of why most renters are not becoming homeowners.
Now, let’s remove renters from the equation and focus on what seems to be happy homeowners across America.
If you have questions or comments, please contact Jeff Lazerson by clicking here. For more great insight make sure to check out Jeff Lazerson’s Mortgage Grader Radio Show on Sundays at 10 am on AM830 KLAA.
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