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How the Cost of Housing Became So Crushing
The Daily
The Rise of Solo Living Fuels Housing Demand
Millennials are increasingly moving out of their parental homes, driving a surge in demand for urban living spaces. As more individuals seek vibrant neighborhoods with amenities, apartment rents are skyrocketing, leading to competitive bidding for available units. This trend extends into the entry-level home-buying market, where heightened demand is pushing prices upwards. A notable shift towards smaller households is evident, with a significant percentage of urban residences now consisting of single-person households. Factors such as delayed marriage and rising divorce rates contribute to this pattern, further intensifying competition in the housing market and reigniting bidding wars.
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