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Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes.
Kristen Bahler is a seasoned journalist, versatile editor and bewildered first-time homeowner. Her work sheds light on the cultural currents shaping real estate today; from the virtues of dilapidated old houses to the best places to live in America.
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.