America is becoming a RENTER NATION | Morris Invest

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It’s happening right before our eyes; America is becoming a renter nation. Gone are the days of the American Dream with the white picket fence. Buying a house has become out of reach for many Americans.

The average 30-year mortgage reached a record high for 2024, at over seven percent, according to Freddie Mac (screenshot). As you know, these mortgage rates have put a massive damper on the homebuying market. As rates make mortgage costs more expensive, more and more Americans are finding homeownership out of reach.

On top of this, homeowners who are locked into record low mortgage rates are hesitant to sell. It’s understandable why these people are holding onto their properties – why swap a 3% rate for 7%? It’s been estimated that more than 90% of American homeowners are locked into rates below 6%.. The math just doesn’t make sense for most homeowners. In fact, a Redfin survey reported that nearly 2 in 5 homeowners don’t believe they’d be able to buy their home in today’s housing environment.

There has been a supply issue in the housing market for years now, but because of the way interest rates have influenced homebuying trends, the demand for rental properties has increased nationwide.
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