A growing number of Filipino families are opting to rent rather than buy homes, a trend most pronounced in Metro Manila, where high property prices and sluggish wage growth make homeownership increasingly out of reach.

According to the Bangko Sentral ng Pilipinas (BSP) Consumer Finance Survey, 11.3 percent of households nationwide were renting in 2021, up from 10.2 percent in 2018. This shift was particularly evident in the National Capital Region (NCR), where 34.9 percent of respondents rent homes.

In contrast, homeownership remained high in other parts of the country, with 73.9 percent of families outside Metro Manila owning or co-owning their residences.

Despite this trend, seven in every 10 families in the country still own their homes, with ownership more prevalent in the Visayas and Mindanao.

In Metro Manila, however, where real estate prices have surged and wages have struggled to keep pace, homeownership was significantly lower at just 43.9 percent. Even during the pandemic, BSP data revealed that residential property prices grew by 4.9 percent in the last quarter of 2021.

The BSP survey also provided insights into Filipinos’ household wealth. Non-financial assets remained the cornerstone of Filipino families’ financial portfolios, with 96.6 percent of households owning home appliances and equipment.

Mobile phones (92.8 percent) surpassed televisions (81.1 percent) as the most common household item. Residential properties (69.9 percent) ranked as the second most common non-financial asset, followed by vehicles (35.3 percent), with motorcycles (61.7 percent) being the most popular type.

In terms of financial assets, deposit accounts remained the most widely held at 35.3 percent, followed by cash savings kept at home (28.7 percent) and e-money accounts (24.3 percent), reflecting a shift toward digital financial transactions.

As homeownership trends evolve, affordability remains a major concern, particularly in urban centers and while cash purchases dominate in provincial areas, Metro Manila’s high costs push more families to rent, underscoring the growing challenge of housing accessibility in the country.