Taking Advantage of the Shortage of Home Owners
With newly released data, we now know that home ownership has hit an all time low of the century. According to the Census Bureau, home ownership has plunged to 62.9% owning vs renting, the lowest its been since 1965. Why is this happening and how can you take advantage of this? If you've been thinking about investing in real estate, now is the time.
When you rent, there is no mortgage to tie you down. Millennials are coming to the point in their lives where they can buy a home, or continue to rent. However, surveys have shown they like to move around, deeming them the generation of movers - thus, making more since to rent. When you don't have a mortgage to pay there isn't anything keeping you in one area.
Access to credit is becoming harder to get. It's not that people necessarily don't want to buy, but rather they just cant. Even for those renting now, with rent costs being so high, its often hard for renters to save up enough money to be able to put towards a down payment on a home.
Economy and politics play an important role. When things change, people get unsure and slow down on making those larger monetary commitments, like owning a home.
For those of you that have been wondering if investing in a rental home is the right move, now is the perfect time to do so. Rental homes are in high demand and doesn't seem to be changing soon. It's important to weight the pros and cons to see what's right for you.