It’s no surprise that after the Great Recession in 2008, we have seen a trending decrease in homeownership in the United States. However, we would not have predicted this tick downward would turn Americans into a nation of renters ten years later. According to Zillow, more than 36% of all U.S. households rent.
There are many contributing factors to the rise of renters across the nation, like lifestyle choices and financial feasibility. But ultimately, it seems to come down to the simple fact that millennials are making very different decisions than their parents and they often place value differently than we have ever experienced. Not only that, millennials are also a generation of movers who seek freedom from a mortgage and long for the ability to have a flexible lifestyle.
So, are we a renter nation? Will the trends turn again toward homeownership? It remains unclear. For now, there is no doubt that a renter nation benefits landlords and real estate investors. If you’re looking to invest in residential real estate, get connected with one of our agents today. We have been managing investment portfolios for decades and can help find a market that is uniquely situated just for you.