The survey found that 42% of renters paid more than one-third of their income on rent compared to 24% of homeowners who paid that much on their home loan.

Renters questioned in a new Freddie Mac survey expressed a misconception. In its Profile of Today's Renter and Owner, the company said it found that "An unprecedented number of renters believe renting is more affordable than owning.” Eighty-four percent of respondents stated that belief, up 17 percentage points from the February 2018 survey and an all-time high. However, the survey also found that 42 percent of renters paid more than one-third of their income on rent compared to 24 percent of homeowners who paid that much on their home loan. The 42 percent of renters who are cost burdened by the traditional one-third rent-to-income measure, is up 8 percentage points since last April while the percentage of cost-burdened owners has not changed in eight years. With interest rates currently low, 40 percent of the survey's renters plan to purchase a home, and 46 percent of homeowners have plans to renovate in the next several months. Rates are inspiring other moves among owners; 29 percent plan to refinance and 27 percent would like to purchase a new home or an investment property.

Source: Freddie Mac