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September 2023 » thefivestar.com 87 J O U R N A L September 2023 consumers consider it a personal goal, either: Just 84% say they'd own a home in an ideal world. Among Gen Zer's (ages 18 to 26), just 75% say they'd rather own a home than rent—the least of any group. That compares with: » Some 84% of millennials (ages 27 to 42) » An estimated 84% of Gen Xers (ages 43 to 58) » Approximately 89% of baby boomers (ages 59 to 77) Men (88%) are much more likely to dream of homeownership than women (80%). In addition, some consumers may think about what homeownership would mean for their kids, as those with children younger than 18 (89%) and those with adult children (88%) are far more likely to say they'd rather own a home than consumers without children (76%). High-income consumers are more likely to set their sights on homeownership. Six-figure earners (96%) are the most likely group to say they'd rather own than rent, while those earn- ing less than $35,000 (72%) are the least likely. "There's no getting around how tough buying a home can be in today's high interest rates and high price housing market," Channel said. "As tough as it may seem, those who want to buy but can't afford to right now should try to keep hope. The more time you give yourself to do things like save for a down payment and work on your credit score, the more likely you'll be able to buy one day." There's a good reason that owning a home is considered an American Dream: Those who own are generally happier. While just 51% of renters say they're satisfied with their current housing situation, 82% of home- owners feel the same. By generation, millennials who don't own a home are the most worried about their chances of doing so at 60%. That compares with: » Some 51% of Gen Zer's » An estimated 51% of Gen Xers » Approximately 36% of baby boomers Those with children younger than 18 (61%) are much more likely to worry than those without children (49%) and those with children 18 and older (43%). Among those who would own a home if they could, some 49% say they can't afford a down payment, making it the top reason. Following down payments, 40% say home prices are too high in their respective areas. Meanwhile, 31% say rates are too high. While many Americans are shooting for the American Dream, not everyone sees the appeal. Some 16% of respondents say they prefer to rent, while 42% say they enjoy not being responsible for maintenance or repair costs—making it the top reason. Finances are another factor, as more than a third (37%) of Americans say it's more affordable to rent, while 36% say they like not having to pay property taxes. Meanwhile, some 31% say renting offers more peace of mind than ownership. "While owning a home may be part of most people's American Dream, there's noth- ing wrong with renting instead," Channel said. "Renting is often cheaper than owning. Not only that, but renters also tend to have more freedom to move around than homeowners. After all, it's generally easier to pack up and go when your lease expires than it is to go through the hassle of selling a house." RENTAL MARKET EXPERIENCES SIGNIFICANT INCREASES IN PRICES, LISTINGS H ouseCanary has released its latest National Rental Report, showing that overall listing inventory is up 70% year over year and days on market are up 50% year over year. New data revealed that median monthly rent prices may have seemingly reached a new peak. Despite median listing prices for Sin- gle-Family Rentals (SFR) in other parts of the U.S. slowing down, Metropolitan Statistical Areas (MSA) in the East Coast and Indus- trial Midwest continue to be hotspots for real estate investment opportunities due to dramatic price increases since Q2 2022. HouseCanary data also finds that Na- ples-Immokalee-Marco, Florida—which pre- viously held the title for the most expensive median monthly rent prices in the United States—has now been surpassed by Los An- geles-Long Beach-Anaheim, California, and San Diego-Carlsbad, California. For the first time since Q3 2022, Naples, Florida, has been supplanted as the most ex- pensive rental market in the country, with the Los Angeles/Long Beach area and San Diego taking the top two spots. Like in previous quarters, prices remain high in large Califor- nia metros, Florida, and New England. After falling out of the top ten for median monthly rental price in Q1, Seattle, Washington, returns to the list. New data revealed coastal areas continue to maintain high rent prices. "In Q2, we've seen the rental market continue to increase in median listings, prices and days on market," said Chris Stroud, Co-Founder and Chief of Research at House- Canary. "While SFR prices only experienced slight year-over-year increases, the surge in available-for-rent inventory suggests that rental prices have reached their peak and