U.S. housing market – additional information
Growth in the number of housing units has been leveling off over time as has the number of households. However the most significant change which has occurred pertains to the type of housing occupancy, either owner occupied or renter occupied. While the number of owner occupied housing units has declined, the number of renter occupied housing units has seen a comparatively large increase. The market seems to be shifting.
Younger generations seem to prefer to rent instead of buy and their financial circumstances and life plans do not seem to match up with the requirements for home ownership. It seems to be taking them longer to settle down, they tend to like moving around and some have large student loan debt which makes them hesitant to dig themselves any deeper into debt.