Experian: Nearly Half of U.S. Renters Aim to Buy Home Within Four Years

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Experian, Costa Mesa, Calif., recently released an analysis finding 47% of current renters believe they’ll be ready to purchase a home within the next four years.

And, 67% think they’ll be ready in the next eight years.

Forty-eight percent of Gen Z non-homeowners and 50% of millennial non-homeowners indicate they’ll be positioned to buy a home by 2029.

Looking at the renter population more broadly in the firm’s State of U.S. Rental Housing Market Report, Baby Boomers make up 9.3% of renters, Gen X are 16.7%, older millennials are 17%, younger millennials are 21.3% and Gen Z are 34.3%. Just 1.3% of renters are members of the Silent Generation.

Rent has been going up for all groups over the past few years. The average rent-to-income ratio–which measures how much of a renter’s monthly income goes toward rent–has increased to 46.8%, up 7.7 percentage points since February 2023.

As of February 2025, the average renter income is $51,600, down 0.4% from 2024. At 62%, the majority of renters are in the low-to-moderate income category. Renters in that category spend 55.4% of their income on rent, compared with 33.4% for higher-income renters.

Another notable metric–more than 50% of renters fall into the near prime and subprime credit segments.

Sixty-one percent of renters say that financial support would be most helpful as they look to buy a home, followed by 51% citing a clearer understanding of what they can qualify for and 38% desiring more financial knowledge of the mortgage process.