Smaller houses should be a logical economic and green choice, saving buyers on their purchase prices and beyond. Yet even the nicest places are viewed as starter or vacation homes. It’s time to change.
Renting or buying: More American homes are owned and occupied than rented. However the percentage of owner-occupied homes peaked in 2004 and has continued on a quick descent. Of course, renters are filling them.
Everyone with cold feet: American renters up to age 64 have shied away from jumping into the home ownership pool. From 2001 to 2011, the annual shift plummeted by nearly 43 percent.
College loan pressure: Some 37 percent of young households shouldered school loans, in the latest Pew statistics. That’s a large group of would-be home buyers, mostly sitting on the sidelines!
Income high, net worth low: How will the under-40 year olds decide to live? For those paying school loans, assets are scarce to fund a large down payment and home. It’s not all doom and gloom, with smaller home options out there.