For one-third of renters in the United States, homeownership feels like a lost cause.
That’s according to the latest quarterly CNBC/SurveyMonkey survey, when asked if they plan to buy a home in the future, 34% of renters say they want to own a home but can never afford one.
That pessimism extends across generations. 35% of renters aged 18-34 say they want to own but don’t think they’ll ever be able to buy, which is about the same as 36% of renters aged 35-64.
One possible reason behind the bleak outlook is high mortgage interest rates. The survey was conducted among 982 U.S. adults from Sept. 28 to Sept. 30, when the average 30-year mortgage rate was about 7.56%, the highest in three years, according to Mortgage News Daily. The rate is the same as Wednesday afternoon.
Rising home prices didn’t help either. The median sales price for existing homes in August 2026 was $429,100, up about 38% from $310,600 in August 2020, according to the National Association of Realtors. At that price, your 20% down payment would be $85,820.
“The financial barriers are very real,” says Thomas Labart, a certified financial planner with Pathway Capital in New York. He says the costs of buying a home include not only the down payment and mortgage, but also closing costs, property taxes, insurance, and more.
What’s stopping renters from buying?
According to the survey, most renters want to buy a home, with 87% saying they want to eventually own a home.
Whether you can afford one is another question. More than half (52%) of renters say they can’t afford the down payment. Another 47% say their income or credit score is too low to qualify for a mortgage, and 42% say mortgage interest rates are too high.
“Mortgage rates directly reduce purchasing power. Buyers who were once able to afford a home may now have to buy a cheaper property, put more money down, or accept a much higher payment,” LaBelle says. “First-time buyers feel this especially strongly because they typically don’t have other home equity to put toward the purchase.”
Such pressure is emerging among buyers. According to the National Association of Realtors, first-time buyers will only make up 21% of buyers in 2025, the lowest level since 1981. Before 2008, first-time buyers typically accounted for about 40% of the market, according to NAR.
It’s okay to continue renting
According to the survey, not everyone wants to buy a home, with 22% of renters saying they have no intention of buying a home.
For those who prefer renting, there can also be advantages over owning a home, such as greater flexibility if you need to move and the ability to leave major repairs and maintenance to the landlord. Homeowners, on the other hand, need to budget for these costs along with other costs such as property taxes and homeowners insurance.
And if renting is working out financially for you, there’s no need to rush into buying, especially if your monthly housing costs increase significantly, LaBelle said. “Buyers also need to be able to cover the full monthly cost of ownership,” he says.
Homeownership advocates point out that you can build equity in your property by making monthly payments rather than paying a landlord, but buying a home doesn’t automatically put you in a better financial position, LaBelle said. “Renting is not an automatic financial failure, just like owning a home is not an automatic financial success.”
Corinna Rose, a certified financial planner with Bell Investment Advisors in California, says setting a down payment goal and creating a realistic savings plan can make your goals more manageable for prospective renters.
Rose also recommends building wealth through retirement and brokerage accounts while also saving separately for a future home purchase.
“Don’t wait to buy a home to start building wealth,” Rose says. “Build your wealth first.”
