A growing number of American renters say owning a home is no longer part of their vision of the American Dream, with many increasingly viewing renting as a lifestyle choice rather than a temporary step toward homeownership. The shift is highlighted in Zumper’s annual renter survey, which polled more than 6,000 renters nationwide. In 2021, about 27% of renters said homeownership was not part of their American Dream. In the latest survey, that figure has climbed to 34%, while approximately 60% said today’s version of the American Dream is about having the flexibility to live without owning a home.
Much of that shift reflects economic reality. Nearly three in five renters are considered cost-burdened, meaning they spend more than 30% of their income on housing. According to the survey, the average renter now spends roughly 40% of monthly income on rent alone.
With such a large share of income going toward housing, saving for a home has become increasingly difficult. Nearly three-quarters of renters reported saving 15% or less of their income each month. About one-quarter carry student loan debt, while nearly half have outstanding credit card balances. Those financial obligations often make building a down payment nearly impossible.
Economic uncertainty is also reshaping attitudes. Nearly 80% of renters said they feel uncertain or pessimistic about the economy, while roughly two-thirds believe the United States is already in a recession. About 20% reported moving specifically to lower their overall cost of living.
Against that backdrop, approximately three out of four renters said they do not believe 2025 is a good time to purchase a home. When buying appears financially out of reach, the flexibility offered by renting becomes less of a compromise and more of a deliberate financial decision.
That changing mindset is reflected in other housing research as well. Multiple industry studies have found that many financially secure renters—including individuals who would qualify for a mortgage—still prefer renting because it avoids maintenance costs, property taxes, homeowners insurance and expensive repairs. Others value the flexibility to relocate more easily or prefer investing their money elsewhere rather than tying a large portion of their savings into a home.
Many renters also say apartment communities offer amenities and social opportunities that improve their quality of life while allowing them greater freedom to travel, pursue career opportunities or reduce debt.
One of the survey’s more surprising findings involves older Americans. The likelihood of viewing homeownership as essential actually declines with age, and Baby Boomers were the generation least likely to describe owning a home as part of their American Dream. Adults 65 and older have become one of the fastest-growing renter demographics in several metropolitan areas, challenging the long-standing assumption that renting is simply a temporary stage before purchasing a home.
The trend carries significant implications for the housing industry. If more Americans intentionally choose to rent for decades—or even for life—developers may increasingly focus on building higher-quality rental communities designed for long-term residents rather than short-term tenants. The shift also influences ongoing policy debates in Washington surrounding build-to-rent neighborhoods, where single-family homes are constructed specifically as rental properties rather than homes for sale.
Supporters argue those developments provide additional housing options for families unable or unwilling to purchase a home, while critics contend they reduce opportunities for first-time buyers seeking homeownership.
None of the survey findings suggest that the dream of owning a home has disappeared. Other national surveys continue to show that most Americans still consider homeownership an important life goal. Many renters say they would purchase a home if affordability improved.
However, rapidly rising home prices and elevated mortgage costs continue placing ownership beyond the reach of many households. In numerous housing markets, a traditional 20% down payment now approaches an entire year’s median household income.
The Zumper survey illustrates a broader shift in how many Americans define financial success. For a growing number of renters, stability, flexibility and financial freedom are becoming just as important as owning a home, reshaping what the American Dream looks like for a new generation.
JBizNews Desk
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