Previous: How Did Refis Impact the 2008 Financial Crisis? Next: Is Housing Ready for a Rebound? Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fewer Renters Planning to Buy a Home Baby Boomers First-Time Homebuyers Freddie Mac Generation X Homebuyers Millennials rental market Renters Single Family Rental 2018-04-09 Krista Franks Brock Amid heightened concern for housing affordability and overall rental satisfaction, renting has become increasingly favored among some segments of the population in the United States. Among renters, 67 percent say they believe renting is currently more affordable than owning a home, and 66 percent say they are satisfied with their rental experience, according to research released by Freddie Mac Multifamily.Freddie Mac Multifamily reported in its “Profile of Today’s Renter” that 55 percent of renters say they believe their next residence will be a rental, according to the survey. The percentage of renters who say they have no interest in owning a home is also on the rise, climbing three percentage points up to 20 percent from Freddie Mac’s previous survey in August 2017 to its most recent survey conducted in February. The preference is notably more pronounced among older generations. Just seven percent of millennials stated they had no interest in owning a home, while 19 percent of Generation X renters and 35 percent of baby boomer renters reported the same sentiment. “Indeed, we are witnessing a historic shift in preference among older Americans, as they increasingly are choosing the size, convenience, and affordability that renting offers over ownership,” said David Brickman, EVP and Head of Freddie Mac Multifamily. Suburban renters are the most likely to express a desire to own a home, with just 18 percent saying they have no desire, compared to 21 percent of both rural and urban renters. The shift appears to be the result of a perceived decline in affordability.“Perceptions of affordability and cost continue to play an outsized role in the choices of America’s renters, as they overwhelmingly see renting as more affordable and the right choice for them—right now,” Brickman said. In all, 67 percent of renters who plan to continue renting cite financial reasons for their choice, an increase from 59 percent two years ago. Millennial renters were the most likely to cite financial reasons as their reason to continue renting in the future, although financial concerns are on the rise among all three generations surveyed. Seventy-four percent of millennials who plan to continue renting said financial reasons drove their decision, up from 59 percent in 2016. Sixty-five percent of Generation X renters who plan to continue renting will do so for financial reasons, up from 63 percent in 2016. Finally, 62 percent of baby boomers cited that rationale, up from 58 percent in 2016. Renters in the West are feeling the effects of rising home prices and rent prices most acutely. Fifty-one percent of Western renters stated that owning a home has become more difficult over the past three years, compared with 43 percent in the Northeast, 36 percent in the South, and 27 percent in the Midwest. Furthermore, 64 percent of those surveyed in the West say rent increases have caused them to spend less on other essentials, which is a full nine percentage points higher than in any other region, according to Freddie Mac’s research. Despite these challenges, renters on the West Coast are more likely than those in other regions to remain in their current rental rather than move after experiencing an increase in rent, with 71 percent saying they will not move, compared with 63 percent in the Midwest, 58 percent in the South, and 67 percent in the Northeast. Renters claim to be largely satisfied with their rental experience, according to the Freddie Mac data. The most recent survey found 66 percent of renters reporting satisfaction, up 6 percentage points from the previous survey in August 2017.“Renter satisfaction remains high, but the continued shortage of supply and growing demand means more renters are looking at cost than ever before,” Brickman said. In fact, in a companion survey from GfK Custom Research revealing mobility trends among renters, 64 percent of renters stated price was the most important factor for them when choosing their next home, significantly more than the 36 percent who said location was their top priority. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Share Save Related Articles in Daily Dose, Featured, Journal, Market Studies, News Tagged with: Baby Boomers First-Time Homebuyers Freddie Mac Generation X Homebuyers Millennials rental market Renters Single Family Rental Fewer Renters Planning to Buy a Home April 9, 2018 2,100 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago
1/174 Pacific Pde, Bilinga. 1/174 Pacific Pde, Bilinga. MORE NEWS: Beachfront home a real price winner An open kitchen, living and dining room is at the heart of the apartment with ocean views setting a picturesque backdrop.The plunge pool is on the apartment’s rear terrace.The furniture could come with the apartment but it would need to be negotiated while body corporate fees are $68.47 per week.Mr Smith said the building was designed for owner-occupiers who were downsizing from a house but didn’t want a place that was too small. MORE NEWS: Gold Coast losing land sales to Logan 1/174 Pacific Pde, Bilinga. Its proximity to the beach, cafes and restaurants at Kirra and Coolangatta as well as the Gold Coast Airport also made it appealing to prospective buyers.Marketing agent David Stringer said it was the perfect opportunity to snap up a beachfront unit close to all the action.“Whether you are looking for a personal residence, retirement venue or a family holiday vacationer to enjoy with family and friends, Bluewater is a refreshing choice,” he said. 1/174 Pacific Pde, Bilinga. 1/174 Pacific Pde, Bilinga. 1/174 Pacific Pde, Bilinga. Owner Greg Smith, who developed the boutique residential building with his brother Steve under Pacific View Developments, said the apartment was in a good spot.“For a ground floor unit, it’s got really good views, especially from the lounge and kitchen area,” he said.“That unit has its own splash pool as well.”The apartment has three bedrooms, all of which have ensuites. The main bedroom also has a walk-in wardrobe and access to the front terrace.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago 1/174 Pacific Pde, Bilinga.IT may be on the ground floor of a new beachfront development but this apartment still has ocean views.It is one of 12 apartments spread over seven floors in Bilinga’s Bluewater on Pacific building.