TD Bank Renter Survey | Hispanic

Summary

• Average monthly rent is slightly north of $900. Nearly 60% of Hispanics have had a rent increase in the past 2 years - for these renters, average rents have jumped nearly $300.

• Owning a home is very important and over one half of current renters are likely to purchase a home within the next 2 years.

• The largest barrier to purchasing a home is money – not being able to save and having too much debt. Being able to qualify for a mortgage is also a top barrier (28%).

• Biggest motivators are a combination of rising rents and building equity towards a future. Current Renter Situation

Average Rent: $918

49% 51%

Pay rent for my home/apartment by myself

Pay rent for my home / apartment with someone else

<$501

$501-$1,000

$1,001-$1,500

$1,501+

22%

41%

24%

12%

Average Monthly Rent Current Household

Very likely to purchase a home within two years Somewhat likely to purchase a home within two years Somewhat likely to continue to rent your home Very likely to continue to rent your home

Not sure what your plans are

42%

17% 13% 16% 12%

Extremely important

Very important

Somewhat important

Not important

Not at all important

47%

24%

14% 11% 3%

Likelihood to Purchase or Rent a Home in 2 Years

Importance of Owning a Home

71%

58%

Money Saved Towards Future Home Purchase (Those who want to purchase in next 2 years)

<$25,000

$25,000 - <$50,000

$50,000 - <$100,000

$100,000 +

55%

27%

8%

9% Average Saved: $39,938

Rent Increase Over the Past 2 Years

$0

$1-$99

$100-$150

$151+

41%

26%

17%

16%

Average Increase: $291

TD Bank Renter Survey | Hispanic

Perceptions

ABOUT THE SURVEY: Conducted among a representative sample of Americans currently renting a home or apartment. In total, 1,046 completes were gathered Nationally; 156 Hispanics. Margin of Error +/-8.1%. The online fieldwork was conducted between September 23rd – 30th, 2015.

Barriers to Purchasing a Home

61% 49%

27% 39%

28% 23%

16% 12%

7% 18%

13% 6% 6%

Money (NET)

I have not saved enough

I have too much debt

Mortgage (NET)

I am unable to qualify for a mortgage

I am not able to afford a mortgage

Not Ready to Buy a Home (NET)

I am not ready to be a home owner

I don't want to purchase on my own

Renting is more flexible

I don't have steady employment

No reason, I enjoy renting

I am waiting to start a family

Affording a Home (NET)

Affording the maintenance of owning a home

Affording the monthly mortgage payments

Affording the cost of utilities

Having enough time to maintain the home

Moving to a less convenient location

Other

Biggest Fears/Concerns to Owning a Home

81%

51%

49%

35%

21%

26%

7%

Biggest Motivators to Purchasing a Home

Rising rents

I want to build equity

I want to start / have started a family

I want to start / have started a new job

Other

47%

40%

12%

22%

15%

14%

49%

23%

15%

Amount Willing to Pay in Rent Before Deciding to Purchase

<$501

$501-$1,000

$1,001-$1,500

$1,501+

Average: $1,285

Willing to Compromise (Location/Neighborhood) in Order to Purchase

39% 61%

YES

NO