Despite recent concerns that renters can't afford to buy a house because of the steep cost of a down payment, a new Freddie Mac report suggests renters aren't interested in home buying.
According to a Freddie Mac survey, 66% of renters carry debt each month and 56% of renters are optimistic about managing their debt.
Renters also are saving money, but not for a down payment on a home. Rather, they are saving for other priorities, like a major purchase or a vacation.
"We know rents are rising faster than incomes and now we have data to show that many renters don't have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items," David Brickman, Freddie Mac's executive vice president of multifamily, said in a news release.
Renters are also planning for their monthly lease payments to rise, and are setting aside money for that likelihood, Freddie Mac said.
