There are a multitude of reasons why renters have kept from buying: raises in interest rates, acceleration in home prices, rigid lending standards, and student loan debt…to name a few. However, a recent study shows renters are now in a position to take on more financial obligations and, with rent prices rising, 2017 might be the time to buy.

According to a report done by TransUnion, “many renters are exhibiting more credit active behaviors, such as opening a credit card, and approximately 40 percent have a prime or better credit score” (RIS Media). In addition to their creditworthiness, renters also have more aggregate excess payment (AEP). In other words, they can afford more payments with money left over. This not only means that they can take on more finances, but they can handle larger financial obligations like a down payment and mortgage.
Freddie Mac conducted another study that showed that renters are not as concerned with their rent payments as they are with other costs. Therefore, considering how expensive rent has become (often the equivalent of a mortgage payment), 2017 could be a very appealing year for renters to buy.