When it comes to homeownership, it’s estimated that 64 percent of Americans own real estate. However, that still leaves a significant portion of the population without a home to call their own. According to recent statistics, approximately 35 percent of Americans do not currently own a home. This can be attributed to a variety of factors, including economic instability, rising housing costs, and a preference for renting or relocating frequently.
Here are a few potential reasons why 35 percent of Americans do not own a home:
Financial constraints: In many cases, individuals or families simply cannot afford the high cost of homeownership. This can be due to a lack of savings, a high level of debt, or a difficult job market.
A preference for renting: Some people simply prefer to rent rather than buy. This can be due to a desire for flexibility, a preference for urban living, or a lack of interest in the responsibilities that come with homeownership (such as maintenance and repairs).
Difficulty obtaining a mortgage: For some individuals, obtaining a mortgage loan can be a challenge. This may be due to a poor credit score, a lack of employment history, or other factors that make them a less attractive candidate to lenders.
Other financial goals: Finally, some people may simply prioritize other financial goals over homeownership. This could include saving for retirement, paying down debt, or building an emergency fund.
Regardless of the reason, it’s clear that a significant portion of the American population does not own a home. As a home and garden expert, I believe there are still plenty of ways to create a comfortable and welcoming living space, whether you rent or own. With a few strategic decor choices and some creative DIY projects, anyone can make their house or apartment feel like home.