There’s a common idea in American culture that renting is a consolation prize. That renters are just waiting to become homeowners, and that anyone still renting past a certain age or income level simply hasn’t gotten there yet.
This idea does a disservice to the millions of people who rent by choice and overlooks an important point: a community that builds only for homeowners isn’t a complete housing market. It’s a gap we are all living through that creates significant gaps in most levels of housing.
More People Are Choosing to Rent
Renting is not a fallback. For an increasing number of Americans, it is a deliberate choice.
According to the 2024 NMHC/Grace Hill Renter Preferences Survey, which surveyed roughly 173,000 renters, more than 17% of apartment residents said they have no interest in ever purchasing a home. That share has held steady across multiple survey cycles. A separate study by John Burns Research and Consulting found that 36% of tenants said they prefer to rent, a nearly 10% increase from the same survey in 2023.
People rent by choice for real reasons: flexibility to move for work or family, freedom from maintenance responsibilities, life stages that don’t call for a 30-year commitment, and the ability to live in communities they otherwise couldn’t afford to buy in. This population includes seniors, single adults, young professionals, and people recovering from major life transitions. These are not people who failed to achieve homeownership. They are people who made a different calculation.
Affordable Rental Housing Can Provide Financial Stability
Homeownership builds wealth over time for those who can access it. But for many households, the barrier is not aspiration. It’s timing, credit, savings, and the widening gap between wages and home prices over the past decade.
In that context, affordable rental housing is not a lesser option. It is a platform. According to the Urban Institute, affordable housing frees up more family income for other necessities, including food, healthcare, child care, and savings. When a family spends less than 30% of their income on rent, they can begin to build the financial stability that eventually makes homeownership possible or simply makes life more sustainable right now.
A Healthy Housing Market Includes Both
No community can thrive on homeownership alone. A complete housing market serves people at every stage of life and every income level. Renters and homeowners are not in competition. They are both essential.
Affordable rental housing is not a symptom of a struggling community. It is an investment in a functional one.
This blog post is part #5 in our Myth Busting series. You can read the additional posts here:
Myth #1: Affordable Housing Means Low-Quality Housing
Myth #2: Affordable Housing Is the Same as Public Housing
Myth #3: Affordable Housing Brings Down Property Values
Myth #4: Affordable Housing Means Smaller Homes and a Lower Quality of Life
Sources:
Why Fewer Renters Are Actively Looking to Purchase a Home, NMHC
Housing Affordability and the Economy, Habitat for Humanity Cost of Home
Economic Mobility and Housing, Opportunity Starts at Home / Urban Institute
