Renting is cheaper than buying according to the majority of Americans.
The Wall Street Journal reports that most people surveyed believed renting is cheaper than buying.
Apartment construction is up, which has led to rent increases slowing down across the country. However, home prices continue their upward climb.
76% of millennials said that renting is cheaper than buying, about 10% more than a year ago. Roughly 82% of baby boomers now say renting is more affordable, compared to 71% last year. Finally, 75% of Generation X now believe renting is cheaper. Just 56% of Gen X felt that way in September 2016.
Across the country, home prices were up 5.9% between this past July and July 2016.
When it comes to reasons to rent, just 7% of millennials cited maintenance costs as the number one reason renting is cheaper than buying. That’s contrasted with 28% of respondents over 65 that said they were a factor.
23% gave convenience and flexibility as their top reason for renting. 18% of those who answered the survey said they don’t have the down payment saved to buy a home.
The survey also found that just 14% are planning to buy a home soon, a decrease of 7% since January 2016.