"Economic factors encourage more households to rent High mortgage rates, rising home prices, and affordability pressures are causing many would-be homebuyers to delay ownership, remaining in the rental market for longer. In today's market, the median U.S. household needs to devote 48% of its income to housing payments to buy a home. Even as interest rates fall, the barriers to homeownership, like high financing costs and low inventory, are considerable, driving the number of households living in rentals to all-time highs."
"Millennials, America's largest generation, are entering a residential housing market when affordability is a major obstacle in most markets. Gen Z is renting too, but for a different reason. By and large, they prefer more flexible living arrangements and modern conveniences. At the same time, Baby Boomers are renting in droves, downsizing from homes to luxury rental communities that provide access to amenities and require less maintenance."
High mortgage rates, rising home prices, and affordability pressures are keeping many prospective buyers in the rental market and pushing rental household counts to record highs. The median U.S. household must devote roughly 48% of income to buy a home, and barriers like high financing costs and low inventory persist even as interest rates fall. Generational shifts are elevating rental demand: Millennials face affordability constraints, Gen Z favors flexibility and modern amenities, and Baby Boomers increasingly downsize into amenity-rich rental communities. Population growth and internal migration toward metros with favorable labor markets, tax climates, and costs are prompting more build-to-rent development, especially in the Southeast and Texas.
Read at www.housingwire.com
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