With home loan rates now above 7%, the supply of homes low, and demand remaining high — all according to a Zillow report — new homebuyers would need to make over six figures to afford a house. The US housing industry’s seemingly insurmountable barrier to entry has left younger generations resigned to rent for the foreseeable future, while some of the industry has switched to a build-to-rent model.
Mill Creek capital Management President David Reynolds joins Wealth! for Real Estate: The New Reality to give insight to Americans on how to navigate this evolving housing industry.
Reynolds lays out what this new model will look like: “It’s going to be comparable to apartment living if you were talking about a life location. By its nature, a lot of build-to-rents are a little further out so you would have to be comparing to like apartments. But you’re getting so much more with the build-to-rent and it’s fulfilling a need… especially for groups like the Millennial generation that has outgrown apartment living and is looking for more space and more privacy and their families are growing. So… build-to-rent really fills a nice need there.”
About Yahoo money management:
Yahoo money management provides free stock ticker data, up-to-date news, investment mix management resources, comprehensive industry data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at money management.yahoo.com
– Download the Yahoo money management app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo money management on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/enterprise/yahoo-money management
Disclaimer:
If you own the YouTube channel related to this video and do not want it to be featured here, you can contact us through our contact page. We will gladly remove it without questioning your reasons.