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The Rise of the Forever Renter Class

ofdollarsanddata.com · 1,382 words · saved by 1 readers

I’ve paid over $350,000 of rent in my life. That averages out to $2,500 a month since mid 2012. And, with near record interest rates and elevated home prices, I may end up paying another $350,000 in rent before I ever buy a house. I am a part of what you might call the Forever Renter class. This is a cohort of people in their mid-20s to late-30s who are either unwilling or unable to buy a home under current market conditions. Unfortunately, those conditions aren’t moving in the right direction either. As Redfin recently reported, “The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from a year earlier.” But it’s not just the median U.S. home that is setting records. Homes in many high cost of living areas are near their highs as well. Last month Zillow reported that there are now a record 550 “Million-Dollar” cities in the United States. These are cities where the typical home price is greater than $1 million. While nearly half of these

--> I’ve paid over $350,000 of rent in my life. That averages out to $2,500 a month since mid 2012. And, with near record interest rates and elevated home prices, I may end up paying another $350,000 in rent before I ever buy a house. I am a part of what you might call the Forever Renter class. This is a cohort of people in their mid-20s to late-30s who are either unwilling or unable to buy a home under current market conditions. Unfortunately, those conditions aren’t moving in the right direction either. As Redfin recently reported , “The median U.S. home-sale price hit a re

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