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The housing industry has become so accustomed to believing that renting is a popular trend and option among the millennial generation. However, research from the Joint Center for Housing Studies of Harvard University shows that picture is distorted and younger consumers are not as big on renting as we believe they are.
The millennial generation have added nearly 1 million renters over the last decade, while the Gen-X generation added 3 million. The largest increase to the renter rankings comes from those in their 50s and 60s, adding 4 point 3 million people. So while the market likes to believe that those in their 20s occupy the largest share of renters, the research shows it's really those over 40 that make up the majority of the rental market.
As home prices soar to new heights—with no sign of decline—housing bubbles appear to be popping up in many markets and may be here to stay. Zillow's Home Price Expectations Survey showed that San Francisco, California; New York City, New York; Houston, Texas, and Los Angeles, California; Miami, Florida; San Diego, California; and Seattle, Washington were at the top of Zillow's list of markets that are already in a housing bubble.
