Published on December 15th, 2014 | by Home and Family0
Housing Boom or Bust? The Changing Face of America’s Housing Market
The American housing market is not what it used to be, and many Americans feel that is a good thing. The Great Recession’s fallout has had lasting effects, however, the real estate has made a strong comeback, and in some areas of the United States such as the heartland, the market is thriving.
However, millennials and recent college graduates between the ages of 25 and 34 have changed the face of the housing market. Crushed under student loan debt and poor credit scores, millennials are not in a position to become homeowners, nor do they want to. Though metropolitan areas such as Philadelphia have experienced population surges, home ownership rates are at an all time low. It appears as though millennials have woken up from the American dream, or at least, have redefined it.
So where are millennials living? Many call luxury apartment rentals, such as city loft apartments, home. However, don’t let the word “luxury” fool you. Luxury apartment rentals are actually quite affordable, and after saving money by living with their parents, crashing with friends, and shacking up with roomies, the Boomerang Generation are able to finally able to afford venturing out in the world of renting lofts and apartments.
Luxury apartment rentals are surprisingly affordable, offering the the benefits of living in a home without all the trouble and financial expense of owning one. With their modern interiors and convenient locations, lofts for rents are especially popular among younger renters. Also, many choose to rent a loft due to flexible leasing options, a luxury that homeowners miss out on. Helpful info also found here.