Housing demand and preferences used to follow a fairly linear progression. A young person setting out on his/her own would rent for a period of time, would marry, and then buy a house. More often than not, the married couple would remain in the house until death (or until illness forced a move into a nursing home).
According to the Joint Center for Housing Studies of Harvard University (JCHS)’s “America’s Rental Housing: Evolving Markets and Needs,” the demand for housing isn’t quite so linear these days. Certainly, young adults are the most likely age group to rent; especially those young adults who are leaving home for the first time. And certainly, as people become more settled, the share that rents tends to decline until later in life.
But the JCHS offered some surprising statistics such as:
• Nearly two-thirds of 25-29-year-olds and more than half of households in their early 30s rent their homes.
Read more...The Renter Lifecycle