Today’s changing demographic trends and attitudes have led to successful young professionals preferring to live in an affordable luxury rental apartment over buying a house. A recent study by ATTOM, curator of the nation’s largest fused property database, reported that homeownership among millenials is down by eleven percent from the previous generation. As the seven-year run of historically low mortgage rates comes to a close, property expert and developer — Marcus Hiles expects for the rental trend in America to continue on its growth trajectory, especially in areas surrounding Houston and Dallas, where renting is already more popular than purchasing a house.
In December, reflecting expectations that President-elect Trump’s pro-growth policies will drive up interest rates, Forbes cited a half point jump in mortgage rates since late October, and predicted a continued rise throughout 2017. While Jonathon Smoke, Chief Economist for Realtor.com, does not expect for the outcome of the election to have a direct impact on housing or the economy, he does believe some young potential homeowners may face difficulty in the next year, “With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick [in interest rates] we’ve already seen may price some first-timers out of the market.” Senior vice president of ATTOM Data Solutions, Daren Blomquist, similarly found that, “While buying is currently more affordable than renting in major U.S. markets, that equation could change quickly if mortgage rates keep rising.”
Among the areas where renting is already more cost effective than owning are the greater Houston and Dallas/Fort Worth metropolitan areas. With millenials facing immense student loan debt and housing prices in North Texas rising by 50 percent in the last five years, companies likes Hiles’ Western Rim Property Services that offer affordable luxury housing accompanied by premium amenities are experiencing more demand than ever. “As discretionary income falls, renting becomes markedly more economically efficient than buying a house. Apartments offer additional financial freedom and consume far less space,” explains Marcus Hiles. “The idea that owning your own home is the American dream is being turned inside out; since the housing bust in 2008, the renter population has swelled to 43 million households.” Across the Lone Star State, young professionals are opting for a greater quality of life, seeking out Western Rim’s communities for their convenient, scenic locations, premier school districts, state of the art amenities, and comprehensive lifestyle services.
Marcus Hiles is a Texas real estate expert and the innovative Founder and CEO of Western Rim Property Services, which now owns over 15,000 high-end rental properties. One of the most recognized brands nationwide, known for their superior quality, Western Rim has been named as a Top Five National Award Winner for three years running by SatisFacts, the apartment industry’s authority on resident surveys and satisfaction.
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