Rents may be rising and consumers may be feeling the crunch when it comes to their personal finances, but 70 percent of renters still believe that renting is more affordable than owning a home and 55 percent of renters plan to continue renting for at least the next three years, according to a quarterly survey of online renters by Freddie Mac released on Wednesday.
Attitudes toward renting were similar across generations, according to the survey: 70 percent of millennials, 61 percent of generation xers, and 73 percent of baby boomers surveyed said that they believed renting was more affordable than homeownership. The perception of renting among millennials was more positive than that of overall respondents: 54 percent of millennials said they believe that renting is a good choice for them now, regardless of whether they can afford to buy later or whether they want to buy later, compared to 46 percent of overall respondents.
In his first appearance before the House Financial Services Committee since September of last year, CFPB Director Richard Cordray on Wednesday sat before the committee to defend his and the Bureau’s recent actions. Whereas much of the questioning in Cordray’s last testimony before the committee in September centered around mortgages and the then-soon-to-be enacted TRID rule, the topic of mortgages was largely absent from this hearing. Cordray did mention during the hearing that the CFPB's hold harmless period for those who make a good faith effort to comply with TRID will remain open-ended.