Many people in their 30’s are still renting and often with roommates. The reality of having student loans and having debt can change the plan of homeownership.
Also, 30 year olds got a little spooked by the financial crisis. Many had parents who owned a home, but were underwater in their mortgage.
The nation’s homeownership rate – that’s the percentage of homes owned by the people who live in them – is at a 50-year low at about 63%.
With rising home prices, more Americans are choosing to rent and stay put. As a result, apartment owners are reaping the benefits -- just this week, Mid-America Apartment Communities announced it’s buying apartment giant Post Properties Inc. for about $4 billion.
We’ve had an increase...of almost 9 million renters in the past 10 years.
Some of the reasons Americans are putting off buying homes include stagnant incomes, more people delaying starting families and tough standards for mortgage loans.
There’s been a tightening up. It’s harder – more people have to save for a bigger down payment.
The vast majority of renters – more than 80 percent – still plan to own a home one day. Many won’t be making any other big investments until she unloads some of her debt.