For all the headaches of homeownership, renters are the ones with more regrets, according to the Zillow Housing Aspirations Report.[1] One of their biggest: renting. In fact 45% of renters[2] said they regret renting rather than buying - more than five times the share of homeowners (8%) who regret buying instead of renting.
Half wish the rent weren't so high
Tenants' top regrets are not being able to build equity and not being able to customize or improve their rentals (52% in each case), followed closely by wishing the rent weren't so high (50%).
Renters also found their homes were too small (40%, compared to 21% of homeowners) and that they lack private outdoor space (49%, compared to 25% of homeowners regretting all that yardwork).
Across major metros, 87% of renters have at least one regret about their home, compared to 72% of homeowners. The metro with the largest share of renters reporting at least one regret is Phoenix (93%), followed by San Francisco (92%) and Denver, San Diego and San Jose, Calif. (all at 91%).
Like homeowners, renters become less regretful with age: 90% of renters ages 18 to 34 have at least one regret about their rental, compared to 82% of renters age 55 and up.
Pets and parking mark the biggest differences in regrets between those age groups: 38% of younger renters say pet ownership is too limited, compared to 21% of older renters. Similarly, 40% of younger renters say there's not enough parking, compared to 25% of older renters.
Having children at home also makes a big difference. Renters with children are more likely to have at least one regret about their home: 93% versus 86% of renters without children.
They're also more likely to regret renting instead of buying: 59% compared to 42% of renters without children.
[1] A semiannual survey conducted by Ipsos of 10,000 homeowners and renters in 20 of the country's largest metro areas.
[2] Renters refer to those who rent their home or live with family members or in another living situation, but do not own their home.
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