The Motley Fool recently reported how crowdfunding site Realty Mogul commissioned Harris Poll to determine reasons why more people are actively choosing to rent their homes (instead of buy). Some key takeaways:
- Buying is overwhelming: 71% of Americans feel that the process of buying a home is overwhelming.
- Don’t have down payment cash: Many people are mired in debt, not saving, and/or don’t care to save. Whatever the reason, they don’t have the funds for a down payment. 70% of Americans believe that most people need to rent until well into their 30s to save up enough money to purchase a home, even though there are some low down payment programs that many may not be aware of.
- Experiences prized more than ownership: Almost half of Millennials (18 to 35 years old) prefer to save for travelling rather than save for buying a home. In comparison, 26% of Americans over 45 years old feel the same way, which indicates how the prime younger renter age bracket even further leans toward renting because of this preference for quality of life experiences.
- Flexible lifestyles for changing jobs: Increasing numbers of Americans want the flexibility to change jobs every few years, and renting makes this easier for mobility and flexibility. The Bureau of Labor Statistics data shows that Americans change jobs on average 12 times during their career.
All of this shows the increasing demand for rental properties, in addition to increasing populations and increasing needs for affordable housing price points.