Traditional Housing is Changing in New York

The real-estate sector, just like any other market is steered by constant changes in consumer demand. Haysha Deitsch, a real estate developer with decades worth of experience has seen the Baby Boom generation on its way into retirement. He also says that America’s middle class continues to thrive and expand. In this situation, there are demands for new residential spaces. And even focusing entirely on this new generation, one can find a whole spectrum of preferences for the U.S. housing market. These preferences in the residential area are mostly related to the lifestyle of the individuals (who belong to this generation) known as the Millennials. They are the descendants of baby boomers, and are slowly becoming the dominant demographic group that inflicts a great impact on the whole society. In the following part of this article, I will point out some of the ways in which Millennials are changing the game of home buying and renting.

Being one of the most educated groups in America’s overall history, Millennials have the opportunity to travel much easier and more often. As a consequence of this constant moving, Millennials prefer to rent than own a living place. However, it doesn’t mean that this is a completely their own choice. When it comes to home buying, for Millennials the main obstacle in their goal is the cost of home ownership. With each year, this running expense continues to grow faster than the average salaries do. As previously acknowledged for being the most educated group in America, Millennials are also the most indebted group. This means that each of them on average comes with tens-of-thousands of dollars in student loans. And this may be the main reasons why in the past 10 to 15 years U.S. households continue to search for rental options for their real estate properties. As charts show there is a continuous rise in numbers of residents that choose to rent instead of purchasing a home. Following the peak recorded during 2008 financial crisis, real estate developers believed and acted in a direction of expecting a lower demand for rentals. But the market proved that this trend is still going popular, with solid chance to continue in that direction.