BiggerPockets Daily The Rise of Renters By Choice
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Jan 13, 2025 Explore the intriguing rise of 'forever renters' in affluent cities, where flexibility often trumps the desire for homeownership. Discover how cultural attitudes towards renting vary between urban and suburban areas, challenging traditional notions of the American Dream. Delve into survey data suggesting an increasing acceptance of a lifetime rental lifestyle. Gain insights into the competitive landscape of rental markets and understand tenant behavior, all of which can inform real estate investment strategies.
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Renters by Choice Examples
- Architectural Digest featured "lifetime renters," including a financial professional and a journalist.
- A NYC family who loved to travel was also mentioned, highlighting diverse reasons for renting.
Shifting American Dream
- 41% of surveyed renters stated homeownership wasn't part of their American dream.
- 20% anticipated being lifelong renters by choice, not due to finances, challenging traditional views.
Regional Differences in Renting
- Tyler, living in the suburban Midwest, observes no paradigm shift towards renting there.
- Renting a small studio apartment costs as much as a mortgage on a two to three-bedroom house, making homeownership more appealing.