According to a new study, not all renters are living a care-free life — and it’s mostly about money.
Avvo, an online legal services provider, recently released a study measuring renter satisfaction throughout several popular U.S. metros. According to the results, 70 percent of renters felt their housing costs were too high, and 73 percent of renters were happy with their place but said it can be a challenge to find a good place to put down roots.
The survey polled 1,000 renters, ages 18 to 50, from Austin, Boston, San Francisco and Seattle.
People in the south were most likely to be happy with where they live, the study says, as 75 percent of renters were satisfied. Renters in the northeast were the smallest group of renters happy with their current situation, at 67 percent. Renters in the Midwest and Pacific were 74 percent likely to be happy with their living situation.
Is the tech industry to blame?
The survey found that renters in some of the biggest tech-centric cities believed the economy is to blame for the high costs of rent. In San Francisco, 76 percent of renters said the tech industry had a negative impact on the housing situation, while 81 percent agreed that costs could be lower.
Renters in Austin were in the same boat. Eighty-two percent of Austin renters said that costs were too high, and 57 percent of renters said those high costs are the tech industry’s fault.
Some renters also are getting frustrated with the number of people coming to move to their city from out of town, accoridng to the study. While 28 percent of renters thought the tech industry ruined their city, 33 percent blame it on out-of-towners.
Millennial homeownership
The rise of rent brings about the question of whether it’s going to drive more to homeownership. According to a recent report by Fannie Mae, young adult homeownership rates by age have been falling over the years among all age brackets, but the gap is getting less dramatic.
