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Published: Apr 07, 2022 4 min read
Collage of a suburban home with a for sale sign in front
Money; Getty Images

American renters are having a hard time breaking into the red-hot housing market, and the explanation is simple: buying a house is just too expensive.

Of 1,500 renters surveyed by real estate brokerage Redfin in March, 32% said they rent rather than own their homes because they can’t afford to buy a home where they want to live. Saving for a down payment is also a major obstacle, with 30% of people citing that as a barrier to buying. One in five renters said they aren’t looking to buy because they have a "good deal" compared to the significant expense of a home purchase, according to Redfin.