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I've write about Millennial Housing frequently and one trend we see among Echo Boomers is the preference to rent. A recent article discusses this rise of renting in the United States, after several decades of more efforts by Americans to increase their home-ownership efforts. The article points out:
The changing demographics also show a significant increase in immigrants, 20-34 year olds, and baby boomers entering the rental market.
Trends aside, for most Echo Boomers, renting is a superior option unless 4 criteria apply to you:
1. You plan to live in your area for a long time. 2. You work at a safe job that's immune from economic problems (for instance, the medical industry). 3. You want a specific home and you have no thought of selling it later. 4. You love buying and selling real estate, so when you take a loss, you can't imagine doing anything else.
For further details, see "Should I Rent Or Buy?"
One final note regarding the rise of renters: there will be a temptation among some to assume that more renters means more rental units, but I expect some Americans (especially Echo Boomers) to approach renting in creative ways. For instance, Jessica from 4 Heteroclite Ways To Save Money (The Millennial Way):
With many goals, an economy with prices rising, and an expensive location, what did Jessica do? She moved in with nine other girls in a five bedroom home.