Homeowners are happier about their standard of living than renters, new research from YouGov reveals.
The Renters vs. Homeowners 2017 report compares the opinions of those that own their homes either outright or with a mortgage against those that rent from a private landlord, housing association of local authority. It finds that 75% of homeowners are happy with their standard of living compared to just over half (53%) of renters.
YouGov’s data shows that the prospect of saving for a home is a distant one for many renters. One in five (20%) renters say they are currently saving either to buy a property or for a deposit, while over a third (36%) currently have savings of £500 or less (compared to just 14% of homeowners).
Similarly, a quarter (25%) of renters say they have less than £125 disposable household income each month, compared to one in seven (14%) homeowners. Furthermore, 14% of people renting properties say they have no disposable income – something that apples to just one in twenty (5%) of homeowners.
However, the report shows that while older people are certainly more likely to own a home than rent one, ‘Generation rent’ is not just limited to people in younger age groups. While just over four in ten (42%) 18-34 year-olds currently live in rented accommodation, the same is true for around a third (32%) of 35-54 year-olds. YouGov research finds that one in five (20%) people aged 55+ are also renters.