DALLAS, Feb. 27, 2017 /PRNewswire/ -- With
demographic trends rapidly changing, the tendency has noticeably
shifted towards affluent young professionals preferring to reside
in an affordable upscale rental apartment over purchasing a new
house of their own. A recent study by ATTOM, curator of the
nation's largest fused property database, reported that
homeownership among millennials is down by eleven percent from the
previous generation. As the seven-year run of historically low
mortgage rates comes to a close, property expert and developer
Marcus Hiles expects for the rental trend in America to continue on
its growth trajectory, especially in areas surrounding Houston and Dallas, where renting is already more popular
than purchasing a house.
Last December, reflecting expectations that President-elect
Trump's pro-growth policies will drive up interest rates, Forbes
cited a half point jump in mortgage rates since late October, and
predicted a continued rise throughout 2017. While Jonathon Smoke, Chief Economist for Realtor.com,
does not expect for the outcome of the election to have a direct
impact on housing or the economy, he does believe some young
potential homeowners may face difficulty in the next year, "With
more than 95 percent of first-time home buyers dependent on
financing their home purchase, and a majority of first-time buyers
reporting one or more financial challenges, the uptick [in interest
rates] we've already seen may price some first-timers out of the
market." Among the areas where renting is already more cost
effective than owning are the greater Houston and Dallas/Fort Worth metropolitan areas.
"Apartments offer additional financial freedom and consume far less
space," explains Marcus Hiles.
Marcus Hiles is a Texas real
estate expert and the innovative Founder and CEO of Western Rim
Property Services, which now owns over 15,000 high-end rental
properties. One of the most recognized brands nationwide, known for
their superior quality, Western Rim has been named as a Top Five
National Award Winner for three years running by SatisFacts, the
apartment industry's authority on resident surveys and
satisfaction.
Marcus Hiles - Chairman & CEO
of Western Rim Property Services:
http://www.MarcusHiles-News.com
Marcus Hiles Images - MarcusHilesImages.blogspot.com:
http://marcushilesimages.blogspot.com
Marcus Hiles (@marcus_hiles) -
Twitter: https://twitter.com/marcus_hiles
Marcus Hiles - New Luxury
Apartments in Frisco, TX -
YouTube: https://www.youtube.com/watch?v=dmsJNbfOh-g
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SOURCE Marcus Hiles