Here’s a new twist in the housing market. It seems that there are more households in this country that are renting then have any other time in the last 50 years. Over the past 10 years, the number of households being occupied by owners has dropped. In the same time period, households occupied by people who are renting has expanded. And the expansion in renters is much more than the decrease in owners.
Historically the groups that normally rent, such as young adults, dominated the rental market. However we are now finding that middle-aged adults or more often becoming tenants themselves. All of this is helping to fuel the high demand in home sales.
However there is still a promise on the horizon. 80% of tenants still believe that in order to achieve the American dream, they will need to become a homeowner in the future.