A new survey from multifamily software company Entrata is shining some light on how renters are redefining financial success and prioritizing their money.
While homeownership remains a long-term goal for many, renters are putting their money toward more immediate financial needs, with emergency savings, retirement and travel ranking ahead of saving for a home purchase.
“The American Dream was once synonymous with owning a home, and now we’re living in a period where we’re seeing that dream shift in real time,” said Virginia Love, industry principal at Entrata. “Our survey reveals that renters are still prioritizing saving by making small daily financial trade-offs; they’re just putting their savings toward more immediate priorities like financial security, rather than focusing solely on buying a home.”
For renters, the biggest savings priority is preparing for the unexpected. More than half (58%) say they are currently saving for an emergency fund, making it the most common savings goal by a wide margin. Retirement follows at 31%, while 25% are saving for vacation or travel. Just 20% say they are currently saving for a home purchase.
That shift extends beyond financial security to how renters define success. Sixty-six percent associate success with good physical and mental health, while 60% point to achieving financial freedom, compared to 39% who associate success with owning a home.
Among Gen Z renters, that shift is particularly nuanced. While 66% still see homeownership as part of the American Dream, investments are more likely than a home purchase to signal financial success, with 37% pointing to investments compared to 25% who point to purchasing a home.
Homeownership remains an important goal for many renters, even as some question whether it’s attainable. Sixty-one percent of renters say they would like to own a home, including 37% who say it is absolutely part of their dream and 24% who would like to own but feel it is unattainable. At the same time, 22% say they have no desire to own a home.
