Renters Continue To Perceive Obtaining a Mortgage is Difficult

Renters strongly prefer to own instead of rent

By Jeff Sorg, OnlineEd Blog

canstockphoto22765888 rent or buy(June 7, 2016) – According to the results of the Federal Reserve Bank of New York’s  February 2016 SCE Housing Survey, renters continue to perceive obtaining a mortgage (if they wanted to buy a home) as difficult, with two-thirds stating that it would be somewhat or very difficult to get a mortgage. However, there are signs of improved perceived credit access relative to previous surveys. The share of renters reporting that obtaining a mortgage would be (somewhat or very) easy rose to 17.5 percent (from 12.8 percent in 2014, and 14.7 percent in 2015). This held across all demographic groups.

Renters continue to report a strong preference for owning. The share of renters who report preferring or strongly preferring to own instead of rent (if they had the financial resources to do so) rose to 74.1 percent from 68.5 percent in 2015.

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Jeff Sorg

About the Author

Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center's CDEi Designation for distance education in 2008. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.