Despite the increased cost, repairs, taxes and insurance, 45 percent of renters regret renting instead of being able to buy a home. This is more than five times the share of homeowners (8 percent) who regret buying instead of renting. This information comes from a survey conducted by Zillow Research.
The top two regrets that renters have include not being able to build equity in a property and not having the ability to customize or improve their home. This was followed by feeling that that rental prices are simply too high.
87 percent of renters have regrets about their current home compared to 72 percent of people who own. San Diego ranked near the top, with 91 percent of renters reporting at least one regret.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.