The growth of rental demand as homeownership rates hit historic, near 40-year lows may in part be because of Millennials who want to stay mobile, but it’s also driven by would-be homebuyers who are getting shut out by tight mortgage-lending standards.
"If you can't get into a single-family house and you can't get a mortgage, well, you don't need a mortgage to get an apartment," said Stephanie Karol, an economist at IHS.
Undeniably, household incomes have been stagnant since the 1970s, and especially since 1990. Median household income was $50,017 in 2012, below 2007's peak level of $55,627, after adjusting for inflation, according to U.S. Census Bureau data.
Read more...Rents up 15% while incomes up 0% | 2014-07-02 | HousingWire
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