Did You Know that more than one-third of U.S. households rent their homes today? In fact, renting is more popular now than it's been in almost 20 years.
Reasons that jump to mind: The financial crises, tighter credit conditions, and debt burdens, including student debt.
Another, deeper reason: The idea of homeownership as central to The American Dream is evolving. Many households are deciding that owning isn't for them – at least not yet, or not anymore. For example:
- Younger people are waiting longer to form households and buy homes.
- Echo Boomers are tending to want the conveniences of more urban living.
- Many Baby Boomers no longer want the responsibilities of homeownership – and, in many cases, are moving to be near their Generation X and Echo Boomer children.
Read other Did You Know? posts in our series to celebrate National Homeownership Month.
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