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National News: Boomers and Gen X'ers Are Moving Away from Home Ownership!

I think we are all aware of the housing crisis in many of your communities in California. Buying a home is getting harder for many and with investors snatching up affordable homes with all cash purchases, the typical buyer doesn't always stand a chance. What's the alternative?.....Continue to rent!

Here are some interesting statistics on rental trends in California

  • About 67 percent of all renters say renting is more affordable that owning a home, the report showed. And about 73 percent of Baby Boomer renters said renting is more affordable. And 67% of renters also said they will continue renting for financial reasons, up from 59 percent two years ago.

  • That number is significantly higher when it comes to Millennials. About 74 percent of Millennials say they will continue renting for financial reasons, up a full 15 percentage points from 59 percent in 2016.

  • About 50 percent of Baby Boomers who are currently renting do not think they will ever buy a home in the future. This is up eight percentage points from the survey taken just six months ago.

  • Of those who say they will not own a home in the future, 35 percent say they have no interest in owning and 15 percent believe they will never be able to afford it. Another 31 percent of Gen Xer renters say they will never own a home, up from 28 percent six months ago. Among Gen Xers, 19 percent lack interest and 12 percent don’t think they will ever be able to afford it.

  • More and more renters continue to express they are satisfied with their rental experience at 66 percent, up from 60 percent in August 2017. Even among renters who experienced a rent increase in the past two years, 64 percent said they do not plan to move, up from 49 percent in August. And a full 70 percent of Baby Boomers who experienced rent increases say they do not plan on moving.

  • About 54 percent of renters continue to believe renting is a good choice for them now, including 71 percent of Millennials. And about 31 percent of urban renters do not see homeownership in their future, up from 27 percent in August.

Source: Housingwire, April 4 2018

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