It looks like more than a quarter of the country’s renters do not believe in the American Dream of homeownership despite record low mortgage rates and declining home prices.

A survey conducted by real estate search site Trulia.com revealed that 27% of Americans who are currently renting houses and apartments have no plan of over buying a home of their own. Although majority of respondents are still expected to buy houses eventually, the percentage of potential buyers fell from 77% to 72% from half a year ago. The survey also revealed that two thirds of those who want to buy homes are likely to wait at least two years before pursuing their plans.

One of the reasons cited by those who refuse to buy homes is money problems. According to them, many renters are reluctant to invest in residential properties because they are unable to save for a down payment. Some are also waiting to find new means to make a living amid the weak job market, while others are waiting for mortgage rates to decline further before securing a residential property.

Trulia said consumers’ reluctance to buy homes could hamper with the recovery of the housing market. “Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home,” said Pete Flint, the website’s chief executive officer.

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