Author name: Tara Salcedoner

Understanding the Millennial Generation Millennials, born between 1981 and 1996, are now aged 27 to 42. This generation experienced unique socio-economic events that shaped their financial behaviors and perspectives on homeownership. Growing up during the technological revolution, millennials are tech-savvy and rely heavily on digital tools for research and decision-making. Economic instability in their formative

Historical Context of Rent Prices Rent prices have seen various fluctuations over the past decades. In the mid-20th century, urbanization trends accelerated as people moved to cities for job opportunities. This migration increased housing demand, leading to higher rent prices. During the 1970s, rent control measures were introduced in several large cities. New York City,

Shift in Homebuyer Preferences The shift in homebuyer preferences stems from several key factors. Space is a primary driver; suburban homes often offer larger square footage and more rooms than urban apartments. For instance, families find suburban homes with multiple bedrooms and outdoor spaces appealing. Remote work has further influenced these preferences. With many companies

Overview of the Housing Market in 2024 Home prices in 2024 are seeing an unexpected rise. Limited housing supply remains a significant factor. Many markets, especially in urban areas, still face a shortage of available homes. Data from the National Association of Realtors (NAR) shows that the housing inventory in major cities dropped by 20%

Urban Exodus: The Shift to Smaller Towns Rising living costs and the appeal of remote work are driving many to leave big cities for smaller towns. According to the U.S. Census Bureau, cities like New York and San Francisco saw population declines of 2% and 1.6% respectively in the past year. People are trading cramped

Economic Factors Various economic factors significantly contribute to the drop in home prices in certain regions. Inflation Rates High inflation rates lead to a decrease in purchasing power. When the cost of living increases, potential homebuyers might reconsider or delay purchasing properties. According to the Bureau of Labor Statistics, during periods of high inflation, households

Urbanization And Demographic Changes Urbanization and demographic changes significantly impact the shift toward renting over buying. Rise Of Millennials And Gen Z Millennials and Gen Z individuals prefer renting due to lifestyle flexibility and delayed milestones. Renting offers the mobility to change cities or jobs without property sale constraints. Many Millennials carry student debt, impeding