Renterville USA: Top 10 metros for renters and surprise, 6 of them are in California. Will Millennials show up to create another new home construction boom?
ByThe New American Dream is renting. At least that is what it looks like if we track the homeownership rate over the last decade. Millennials are moving into their prime house lusting age yet somehow, a flood of buying is simply not happening. Renting continues to dominate the recent trend of household formation. It was interesting to see that out of the top 10 metro areas for renters, 6 of them reside here in California. It is becoming increasingly difficult for Millennials to purchase homes in high priced areas. This is simply an observation and the facts back this up. Also, Millennials are unlikely to be in any position to purchase high priced crap shacks. In high priced markets, new home construction is simply a tiny blip on the radar. There are now new products out in the market like the PoppyLoan that try to capitalize on the low down payment crowd. What has become clear is that California is now trending towards renterville…
