Renters under pressure: Dream of homeownership fades amid economic uncertainty

"Renters this year were burdened by costs, concerned about the economy and less likely to say having their own home is still part of their American dream. Those are among the findings of a new national survey from rental listing platform Zumper, which also found that remote work is quickly fading and that millennials are concerned about layoffs, affordability and economic volatility."

"Affordability remains a challenge, even as more apartments have been flooding metros across the U.S., cooling rent growth and giving renters more options and negotiating power. Zumper found rents for a two-bedroom apartment in Austin this month were up 6.4% from a year ago to $2,000, while they were up 5.1% to $2,050 in Dallas and 1.5% to $1,340 in San Antonio. In Houston, rent for a two-bedroom apartment fell 3.9% to $1,490."

"Roughly 3 in 5 renters are cost burdened. That means they spend more than 30% of their income on rent. The average renter said they currently spend 40% for housing. They're also concerned about the state of the broader economy. Four in 5 said they are uncertain or not confident about the U.S. economy and about two-thirds said they think the country is in a recession. About 20% said they moved this year to reduce their cost of living."

Renters are burdened by rising costs and widespread economic uncertainty. Approximately three in five renters spend more than 30% of income on rent, averaging 40% for housing. Many renters moved this year to reduce living costs, and large shares report low monthly savings and student-loan obligations alongside concerns about layoffs. Two-bedroom rents rose in Austin, Dallas and San Antonio while Houston experienced declines. Demand for outdoor space, eco-friendly features and pet-friendly units is notable. Remote work is fading, rental supply growth is increasing options and negotiating power, and homeownership is less central to many renters' aspirations.

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