Debt Consolidation USA Studies Why Older Consumers Are Renting

May 27, 2016 (PRLEAP.COM) Business News
May 27, 2016 - Debt Consolidation USA shared in a recently published article that there are older consumers that are renting out a house rather than owning one. The article titled "5 Reasons Americans Are Paying Rent At Old Age" takes a look at this trend and digs into the reason why people are not getting their own homes.

The article starts off by pointing out that when given a choice, most people would choose to have their own home rather than be stuck paying rent all their life. Having a house still sits high up on the dream list of American consumers but the sad reality is that not everyone gets to just drop the place they are renting and simply take up a mortgage loan. There are a lot factors they need to consider before they make the leap.

Demographics play a role with how people are able to save enough for a downpayment for a house and even being approved for a mortgage loan. Diversity is a big thing in the country and there are numbers that shows how diversity in ethnicity and homeownership are interrelated. This should not be the case but it is happening in society which results to some people not having the opportunity to get a house.

The recent Great Recession that happened in the financial industry also contributed to less people being approved for loans. The banks are trying to be a little more cautious with their loan approvals to mitigate the risk of losing their investment. This could lead to more people losing out on the chance to own a home.

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