There are more renter households today than at any point since at least 1965. Why? Sixty-seven percent of renters say it’s because, for them, renting is more affordable. Melissa Curry, now 49, is one. Curry purchased her first home in Catonsville, Maryland, in 2006. She could commute to her job in Washington, DC, and the area is considered affordable, with a current median home value of $294,000 versus $569,000 for DC. Change is Good – Just two years later, however, Curry accepted a higher-paying job that was further from home.
After a few weeks of commuting 90 minutes each way to the new job, she reconsidered her housing options, weighing the advantages and cost of both buying and renting. Ultimately, she decided to rent, first moving to an apartment in DC and then to a rental in Annapolis. “There was no way I could afford to buy in DC,” she says. “It wasn’t even an option.” Renting in Annapolis lets her work in the city but live on the waterfront, with amenities like a clubhouse, gym, and pool, she says. Who’s Renting? – Young adults, those aged 18-35, continue to be the most likely of all age groups to rent.
But there are also an increasing number of older renters these days, ages 35-64, who say they have no interest in owning, according to Freddie Mac’s April 2018 research on “Profile of Today’s Renter.” Affordability is Key – The research found that housing costs increasingly drive rental decisions. Read More Here > http://ticortitleblog.com/economic-focus-affordability-is-just-one-reason/
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