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Real Estate

More Baby Boomers abandon the American Dream

Moving to rent in urban areas

Mortgages and homeownership may not be the American Dream as Baby Boomers begin moving into the apartments and urban areas, according to an article by Gail MarksJarvis for the Chicago Tribune.

Homeownership decreased among people ages 50 to 64 from 2005 to 2013, according to the article. In the past 10 years, Baby Boomers account for more than half of the nation's renter growth.

From the article:

Renting is a unique twist for many boomers, who began their adult lives when the sheer size of their generation starting households drove a sharp climb in home prices in the '70s and '80s. For years many assumed renting was a waste of money and a home an essential investment. But after living through the recent housing crash, that assumption has been tarnished and renting now seems fine.

It is not a higher percentage of people wanting to rent than previous generation, but the large size of the Baby Boomer population caused such a shift in the market, according to Lawrence Yun, National Association of Realtors economist. 

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