A New Version of the
American Dream
While owning a home still
seems to be a fundamental part of the American dream, the
economy and the tightened lending market have all but removed the possibility
of homeownership for some. The economic crisis destroyed the notion of a house
as a risk-free investment. It was just a
standard assumption that whatever house you bought would increase in value.
That sense of security isn’t there any longer and an interesting sentiment is developing;
several population sectors don’t want or feel the need to buy a home and
we are seeing a culture shift.
Generation Y
is the largest population sector since the baby boomers. What does Generation Y want in housing? A big house? A big yard? A big mortgage? The answer a Big No to all three! They
value more life balance and consider working long hours to pay a big mortgage not for them.
Middle income
baby boomers and retirees have experienced the worst & the best of
homeownership. Many are now renting or
buying homes well within what they can afford.
This has given boomers & retirees less worry and more flexibility in
lifestyle than they previously enjoyed.
Going to restaurants, shopping and travel outweighs being tied down to a
big home with a big mortgage.
Another
startling change in demographics is the rise of the solo dweller. For the first time, 51% of of U.S. households are
headed by unmarried adults; that’s 31 million of these single people living by
themselves—roughly one out of every seven adults—comprising 28% of all
households, even more than the nuclear family.
Carmen Villarma CPM
President
The Management Group
The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com
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