Marcus Hiles Notes 9 Million New American Renters In Today’s Housing Market
As concluded in a study published by Harvard University, many factors have contributed to this growth on a national level. Massive growth in the real estate and financial sector has caused 43 million families and individuals to rent instead of own, notes Marcus Hiles, a record-setting increase of nearly 9 million in the past ten years. Sociological trends are part of the cause for increased rental demand, with the latest U.S. Census illustrating a rising number of Dallas’ population is between 20 and 29 years old. Millennials are statistically less likely to marry and have children earlier in life, and groups of unmarried individuals or citizens making less than $25,000 per year have seen the most movement towards the rental market over the last decade.