Renting over Buying Trending!

Renting vs.jpg

More and more people are leaning towards renting over buying homes and apartments,
because of the rising costs of buying a house. Graystone Heights Apartments are a cost
saving option to young and old for the upcoming years.“According to the S&P CoreLogic
Case-Shiller U.S. National Home Price Index, National home prices increased by 5.9%
over the year ending in July.”

Rent prices have started to level off because of the recent boom in apartment
construction, and due to financial reasons and lifestyle preferences, there isn't likely to
be a shift toward owning from renting among old and young alike.

“I think the answer is just that housing is becoming less and less affordable and renting
is the more affordable of the two,” said David Brickman, executive vice president and
head of Freddie Mac Multifamily. “Some 76% of millennials said renting is an affordable
option, up more than 10 percentage points from a year ago. Roughly 82% of baby
boomers said they view renting as a more affordable option, up 11 percentage points
from a year ago. And the share of Generation Xers who see renting as more affordable
jumped to 75% from 56%. “

7% of all renters 25 to 34 years old said they choose not to own a home because of the
maintenance costs, while 28% of those over 65 years old cited that as the reason as
well. The data also indicate the persistent shortage of homes for sale on the
single-family side is depressing the appetite for homeownership.

The trend toward renting is being driven less by necessity and more by preference and
lifestyle, which means it might not reverse anytime soon. This is great news for the
residents at Graystone Heights in Sioux Falls, because not only are you saving money
by renting, but you also don’t have the hassle of fixing maintenance issues( like roofs)
that might cost a homeowner a bundle. You also get tons of amenities for free that
would cost a lot extra if you bought a home with those amenities.

For more information and studies, check out the Wall Street Journal Article at: