Planners: The next APA Policy Breakfast is on the topic of the rise of rental housing. Much discussion is about GEN Y not seeking homeownership as it was common for the Baby Boomers (their parents). Many have said they are to living a flexible lifestyle and do not see homeownership as a key LIFE PATH. GEN Y has saw the GEN X and Baby Boomers (and some of their peers) purchase homes during the height of the market only to be saddled with an empty asset. They seek out unique, diverse and very interesting neighborhoods. It is more a matter of urban design, than tenancy in a building (e.g. they don't care if a national real estate developer holds the mortgage).
1. What is everyone's thoughts?
2. I personally do not think multifamily is the savior particularly when GEN Y reaches the 35-40 age group. What about a rental town home community? I have only seen one examples in Philadelphia.
3. I cannot find a stat -- but I think back to the pre-WWII (1940s) when homeownership levels were 40-50%; rather than near 65% today
Look forward to the discussion!
See the responses here.