It’s pretty easy to figure out why NAR put out the ad above. Follow the money. Realtors don’t get paid when people rent. They only earn a commission when buyers buy homes.
It’s not optimal, but I’m a renter. Always have been.
Am I annoyed I’m not building “equity” on a monthly basis? For sure.
Do I want to be shamed for it? Certainly not.
That said — let’s stop complaining. What about causes and solutions?
Barriers to home ownership (aka causes):
- Housing prices
- Access to capital for down payment
- Credit scores
- Lack of affordable housing inventory
- High rents (which make it harder to save for a down payment)
- Increase co-buying accessibility – CoBuy
- Crowd fund down payments (aka “Kiva for real estate“)
- Partial ownership (Point, Hip)
- Down payment alternatives such as trading future AirBnB rental income (Loftium)
- Rent to own (Divvy)
- Additional inventory of micro housing & tiny homes.
- Modular homes (Module)
- Gain additional skills to earn more money as a professional
What is missing from these lists? How can we make home ownership more accessible to a broader percentage of the population?