Does Millennials = Rental Market?
What’s the primary draw towards renting, versus buying for the 26–41 age group? Is it urban living, the freedom to pick up, pack and move quickly, the idea of a mortgage, savings, or the lack there of? Maybe you're still a college student working part-time.
For the die heart renters, your top markets are located in, “Sweet Home Alabama”, Huntsville to be exact. If you are not sweet on Alabama, maybe Georgia is on your mind. You can rent in Fulton County Ga, for about 25% of your monthly paycheck, according to Realtytrac, and although Georgia might be considered close in proximity to FL, they are miles away when it comes to the cost of rent. The average three-bedroom apartment in Fulton County is, $1,300, monthly…Not in South Florida.
Renters, your least affordable markets for renting is, Coastal Fl, all the way from Orlando to the MIA, the Bay Area in San Francisco, and Manhattan, in New York City. For example, the average cost of a three bedroom apartment in San. Francisco is $3,000, and about 44% of the wage earner’s monthly income. This average is projected to rise about 7.3% in the 2016, RealtyTrac, said.
For the Millennials ready to purchase, some of the top markets right now are, Buffalo,(Do you shovel snow?), Detroit, Cleveland, Toledo, Pittsburgh, and Garland, TX. I did not mention any cities in Florida, but did I mention that, “It rains Sunshine in Florida.”