While most Americans rank homeownership right up there with motherhood and apple pie, a sizable minority is not interested in buying.
A survey this spring by pollsters Peter Hart and Robert Teeter found that 26 percent of those who currently rent do so by choice and not because they don't have enough money to buy.Among those 65 or older, the percentage of satisfied renters is much higher - 44 percent have no interest in homeownership. Oddly enough, the survey, done for the big secondary mortgage lender Fannie Mae, found that the younger the renter, the more likely he is interested in buying; only 15 percent of those 18 to 24 rent by choice.
Male renters - perhaps thinking of all that yard work - are more likely than women to prefer renting to buying, 32 percent to 22 percent.
Among white and black renters, the number is about equal - 27 percent of whites and 28 percent of blacks prefer renting. But among Hispanics, who traditionally live in big family groups, that number falls to 20 percent.
Many of today's renters, of course, will become homeowners in future years, and the survey pinpointed a typical three-stage process they'll go through before buying a house.
"First, renters must gain sufficient confidence to try saving enough for a down payment and to begin looking for a home they can afford," the survey said.
"These two (a down payment and an affordable house) remain the primary obstacles to home buying."
Indeed, the survey found that 65 percent of renters said they would have trouble accumulating enough money for a down payment and closing costs on a house, and that 51 percent said it would be hard to find a house they liked that they could afford.
One-third of renters said they didn't even know how to get started to get the money and knowledge they need to buy a house.
But eventually, many of them move on to stage two: making a mental commitment to try and buy a house. At this point, serious wannabe buyers get busy eliminating debts so they can qualify for a mortgage and they clean up their credit records. The survey found that those who expect to buy a house are much less likely than other renters to have credit and debt problems.
Stage three of the buying process is actually seeking a house and considering various neighborhoods. These potential buyers generally are arming themselves with knowledge about the home-buying process and looking for a real estate agent they can trust.
The survey found that renters most likely to buy a house are more upbeat about their finances than other people, including homeowners.
"Even the anticipation of buying a home creates a feeling of optimism about the future," the survey said. "Renters who are very likely to become homebuyers (70 percent) are twice as likely as current owners (33 percent) to believe their family's financial situation will improve in the next year."
At the same time, the would-be buyers are cautious - 74 percent think that mortgage interest rates are likely to rise in the coming year.