Renters in a recent housing survey indicated an interest in owning a home, with most young tenants saying they are likely to purchase a home in the next three years. However, those who said they are likely to continue renting in the near future said a shortage of cash is the main reason for doing so.

Those were some of the findings of a survey by Freddie Mac on attitudes toward homeownership among renters. The survey sought to determine renters' attitudes toward homeownership, financial situation, and likelihood to buy a home.

"It's no secret that for the last several years, consumers have felt more strapped financially, particularly renters," said David Brickman, executive vice president of Freddie Mac Multifamily. "Many renters are not buying homes because of a perceived lack of ability to afford the down payment or mortgage and poor credit history. But there also is a segment of renters who simply do not want the responsibilities of owning a home."

Most renters described themselves as "just getting by," with 45 percent saying they live paycheck to paycheck as compared to 31 percent of homeowners. The majority of homeowners, 62 percent, said they could live comfortably on their income as opposed to 38 percent of renters. Seventeen percent of renters and 7 percent of homeowners described themselves as struggling, or unable to pay for basic living expenses until the next payday.

Sixty-one percent of renters said they are likely to continue renting in the next three years, while 39 percent said they expect to buy a home. Most of the respondents who planned to buy a home were between the ages of 25 and 44.

Fannie Mac says renters are likely to continue renting throughout their lifetime if they have not owned a home by age 45. A total of 47 percent of respondents between the ages of 25 and 34 and 58 percent of respondents between the ages of 35 and 44 said they plan to buy a home in the next three years, while only 27 percent of those between the ages of 45 and 64 and 21 percent of those ages 65 or older planned to do so.

When those who said they expect to continue renting three years from now were asked why, half of the respondents said they did not think they would be able to afford a down payment and 38 percent said they did not think they could afford mortgage payments. Younger respondents were more likely to agree with these options. Sixty-two percent of those ages 25 to 34 and 61 percent of those ages 35 to 44 said they did not think they could afford a down payment, while 47 percent of those ages 25 to 34 and 50 percent of those ages 35 to 44 did not think they could afford mortgage payments.

Older renters were more likely to be wary of the responsibilities of owning a home. Forty-seven percent of respondents ages 55 to 64 and 73 percent of those ages 65 and older who planned to continue renting said did not want these responsibilities, compared to only 29 percent of the 25-34 age group and 28 percent of the 35-44 age group.

Most renters had a favorable view of homeownership. Ninety-one percent agreed that owning a home would be something to be proud of, and 90 percent thought the property could be something they could pass on to their children. Eighty-nine percent said a home would allow more flexibility for custom design, and 86 percent thought owning a home would allow for more privacy or protection from rent increases.

Half of the respondents agreed with the negative perception that home ownership is too much responsibility. One in four said they have no interest in ever owning a home.

Respondents were most likely to agree with a negative aspect of renting, with 80 percent agreeing that those who rent are "subjected to the whims of a landlord." Another 61 percent said they agreed that paying rent feels like a waste of money.

In positive attributes, 78 percent agreed with the idea that renting frees a tenant from home maintenance responsibilities. Sixty-eight percent agreed that renting offers more flexibility over where a person can live, and 66 percent thought it protected against declines in home prices. Sixty-five percent thought renting was less stressful than owning a home.

Freddie Mac commissioned the survey from Harris Poll. It was conducted online between Aug. 7 and 11, posing questions to 2,044 adults. Of the respondents, 672 were renters.

Freddie Mac says it intends to conduct such research every quarter to gather information on renter preferences in housing as well as what factors are preventing them from purchasing a home.