For by hope, etc. Paul strengthens his exhortation by another argument; for our salvation cannot be separated from some kind of death, and this he proves by the nature of hope. Since hope extends to things not yet obtained, and represents to our minds the form of things hidden and far remote, whatever is either openly seen or really possessed, is not an object of hope. But Paul takes it as granted, and what cannot be denied, that as long as we are in the world, salvation is what is hoped for; it hence follows, that it is laid up with God far beyond what we can see. By saying, that hope is not what is seen, he uses a concise expression, but the meaning is not obscure; for he means simply to teach us, that since hope regards some future and not present good, it can never be connected with what we have in possession. If then it be grievous to any to groan, they necessarily subvert the order laid down by God, who does not call his people to victory before he exercises them in the warfare of patience. But since it has pleased God to lay up our salvation, as it were, in his closed bosom, it is expedient for us to toil on earth, to be oppressed, to mourn, to be afflicted, yea, to lie down as half-dead and to be like the dead; for they who seek a visible salvation reject it, as they renounce hope which has been appointed by God as its guardian. [1]

Footnotes

1 - When we are said to be saved by hope, the meaning is that we are not fully or perfectly saved now, and that this is what we hope for. "Eternal salvation," says Grotius, "we have not yet, but we hope for it." There is present salvation, but that which is perfect is future. The Scripture speaks of salvation now, see Ephesians 2:8; Titus 3:4, 5; and of salvation as future, see Mark 13:13; John 10:9. -- Ed.

For we are saved by hope - It cannot be said that hope is the instrument or condition of salvation. Most commentators have understood this as meaning that we have as yet attained salvation only in hope; that we have arrived only to a condition in which we hope for future glory; and that we are in an attitude of waiting for the future state of adoption. But perhaps the word "saved" may mean here simply, we are kept, preserved, sustained in our trials, by hope. Our trials are so great that nothing but the prospect of future deliverance would uphold us; and the prospect is sufficient to enable us to bear them with patience. This is the proper meaning of the word "save"; and it is often thus used in the New Testament; see Matthew 8:25; Matthew 16:25; Mark 3:4; Mark 8:35. The Syriac renders this, "For by hope we live." The Arabic, "We are preserved by hope." Hope thus sustains the soul in the midst of trims, and enables it to bear them without a complaint.
But hope that is seen - Hope is a complex emotion, made up of an earnest desire, and an expectation of obtaining an object. It has reference, therefore, to what is at present unseen. But when the object is seen, and is in our possession, it cannot be said to be an object of hope. The Word hope here means the object of hope, the thing hoped for.
What a man seeth - The word "seeth" is used here in the sense of possessing, or enjoying. What a man already possesses, he cannot be said to hope for.
Why - How. What a man actually possesses, how can he look forward to it with anticipation?

For we are saved by hope - We are supported and are comfortable in the expectation we have of receiving from the hand of our God all the good we need in the troubles and adversities of this life, and of having our bodies raised from corruption and death at the general resurrection.
Hope that is seen is not hope - As hope signifies the expectation of future good, so it necessarily supposes that the object of it is not seen, i.e. not enjoyed; for to see, in Scripture language, sometimes signifies to enjoy, as in Job 7:7 : Mine eye shall no more See (margin, Enjoy) good. Job 9:25 : My days flee away, and See no good; i.e. enjoy no prosperity. Psalm 50:23 : I will Show the salvation of God: I will give that man to enjoy my salvation who walks uprightly. Matthew 5:8 : Blessed are the pure in heart, for they shall See God; that is, they shall enjoy his favor and blessing. See also John 3:36; Hebrews 12:14, and 1-John 3:2. The hope that is seen, that is, enjoyed, is no longer hope, it is fruition: and a man cannot hope for that which he has in his possession.

(23) For we are saved by hope: but (f) hope that is seen is not hope: for what a man seeth, why doth he yet hope for?
(23) Sixthly, hope is necessarily joined with faith: seeing then that we believe those things which we are not yet in possession of, and hope does not refer to the thing that is present, we must therefore hope and patiently wait for that which we believe will come to pass.
(f) This is spoken by the figure of speech metonymy, that is, "hope", which stands for that which is hoped for.

For we are saved by hope,.... We who have received the firstfruits, who were in a lost perishing condition, and by nature no better than others, than the Gentiles, are saved by sin and wrath to come by Christ, with a spiritual and everlasting salvation. They were already saved in the preparations and purposes of God; in the covenant of grace; in the arms and hands of Christ, through his purchase; and as considered in him; and with respect to the inchoation and application of salvation, in effectual calling, and their right unto it by the righteousness of Christ; and with regard to the certainty of it, in faith and hope: the manner in which they are said to be saved, is "by", or "in hope"; not that hope is the cause of salvation, but the means by which souls are brought to the enjoyment of it; salvation, or glory, is the object of it:
but hope that is seen, is not hope; for what a man seeth why doth he yet hope for? in the former clause, "hope" signifies the grace itself, but here the object of it; which is represented as unseen, not yet fully enjoyed, something future, and to be hoped for; as the resurrection of the dead, which is the object of hope, and is unseen, and even incredible to carnal reason, and is to come, and good foundation there is in divine revelation, to hope for it; and the hope of it is of great use to the saints, whilst in this world of trouble: eternal glory and happiness is also the object of the hope of believers; it is said to be the hope of their calling, which they are called by grace to; the hope of righteousness, which the righteousness of Christ is the ground and foundation of; and that blessed hope, the sum of their happiness; and hope laid up for them in heaven, where it is safe and secure; all which is unseen, and yet to come; but good reason there is to hope for it, since the Scriptures of truth so clearly express it; and the person, blood, and righteousness of Christ, lay such a solid foundation for hope of it: the Alexandrian copy reads, "why doth he yet wait for?" and so the Ethiopic version, with which agrees the Syriac version, reading the whole, "for if we see it, why should we wait for it?"

For we are saved by hope--rather, "For in hope we are saved"; that is, it is more a salvation in hope than as yet in actual possession.
but hope that is seen is not hope--for the very meaning of hope is, the expectation that something now future will become present.
for what a man seeth, why doth he yet hope for?--the latter ending when the other comes.

For we are saved by hope - Our salvation is now only in hope. We do not yet possess this full salvation.