As rents continue to rise, many renters are considering a shift to homeownership soon. According to a new survey released by TD Bank, America's Most Convenient Bank, 50 percent of consumers who currently rent are likely to purchase a home within the next two years, and many have already taken steps toward homeownership, such as saving for a down payment.

The TD Bank Renter Survey polled more than 1,000 Americans currently renting apartments or homes, asking how they feel about homeownership, what concerns might be keeping them out of the housing market and what factors are motivating them to consider home purchases.

The findings reveal that higher rents are directly connected to consideration of homeownership.

The Renting Landscape

A growing proportion of today's renters are reaching the breaking point and considering home ownership.

• According to the survey, the breaking point at which renters claim they would contemplate buying a home is when rent rises over $1,100; Renters reported that the average monthly rent is close to $1,000 per month, meaning they are approximately $100 away from reaching that breaking point

• Over half of respondents have experienced a significant rent increase, with average rents increasing by nearly $300 over the past two years.

Homeownership Concerns

Almost half of renters considering homeownership are concerned with the costs associated with financing a home purchase. 

• Fifty-one percent of respondents said money is their main concern when purchasing a home, stating that they have not saved enough money or they have too much debt to afford a home right now.

• Forty-eight percent of respondents cite concerns about the affordability of mortgage payments.

• The two biggest motivators cited for purchasing a home include rising rents and the desire to build equity.

"Rising rents are motivating Americans to purchase a home," said Scott Haymore, Head of Pricing and Secondary Markets. "With an improving job market and economy, renters are gaining more confidence in the housing market and starting to explore homeownership as a feasible option."

Purchasing the American Dream

The American Dream of homeownership appears to be alive and well.

• Fifty-nine percent of consumers said it's extremely or very important to own a home.

• Millennials place even higher importance on homeownership, with 76 percent rating home ownership extremely or very important to them.

• On average, renters have been able to save more than $50,000 toward a future home purchase.

• Twenty-four percent of millennials have saved $100,000 or more toward a home.

"We can see from our data that rents are rising, and while many renters feel that saving for a home is out of reach, there are other options they should consider,"  said Haymore. "Today, potential buyers can take advantage of state and government affordability programs, which offer options outside the traditional 20 percent down payment. This enables them to pursue homeownership, build equity and still feel comfortable with their monthly payments."