Are Boomers the Reason Urban Rents Are Rising?
On Sunday, the website posted an infographic on their blog examining the renting habits of baby boomers and their offspring. RENTCafé project manager Catriona Orosco explained the trend in an email:
What we're seeing is a wholesale recalibration of expectations. Americans just starting their professional lives are realizing that it will be less likely for them to be able to afford the things their parents had, so they are making different choices about how to live. They also crave flexibility, so if a job or personal opportunity presents itself, they can say yes without being tied to a mortgage.
As for Americans nearing retirement, they are being cautious with the resources that are still available to them — they're downsizing not just for convenience, but because they want to be financially smart and prepared for the future. Maybe the best way to put it is that we're all just being a bit more realistic about our American dream these days.
The website culled data from several sources, including the National Multi Housing Council and multiple news outlets (click on the infographic for larger image).
Courtesy of RENTCafé