Two new reports offer a new glimpse into the factors driving today’s renter population.
Experian (OTCMKTS: EXPGY) issued a survey that found nearly half (47%) of renters anticipate being ready to purchase a home within the next four years, with 67% looking to make such a purchase in eight years. Among age demographics, 48% of Gen Z non-homeowners and 50% of millennial non-homeowners predict they will be able to buy a home by 2029.
According to the research, funds for a down payment (67%), home prices (66%) and low credit scores (51%) were cited as the biggest barriers to homeownership for current renters and nearly 40% rate their understanding of financial concepts tied to homeownership as “fair” or below.
Experian’s report also showed roughly 60% of today’s renters have near-prime or better scores, although nearly one-quarter (23%) say they’ve been denied a mortgage or rental application because of their credit score.
“As an industry, we have an important role to play in helping close the homeownership gap and making the dream of owning a home a reality for more consumers, including current renters and younger Americans who represent a powerful segment of future homeowners,” said Michele Bodda, president for Experian Housing, Verification Solutions and Employer Services.
Separately, Realtor.com reports the national median rent in October was $1,696, a 1.7% dip ($29) from one year earlier annually to $1,696 as 20 of the nation’s 50 largest metros have transitioned from mostly local renter activity to greater demand from out-of-market shoppers.
“Rent trends have moderated throughout 2025, reflecting a rental market that continues to cool,” said Danielle Hale, chief economist at Realtor.com. “At the same time, shifting affordability across regions is reshaping renter behavior, with a growing share of demand coming from outside local markets. Data show that more renters are willing to look farther afield, in some cases to entirely new markets, for homes that better align with their budgets.”
