DALLAS, Feb. 27, 2017 /PRNewswire/ -- With demographic trends rapidly changing, the tendency has noticeably shifted towards affluent young professionals preferring to reside in an affordable upscale rental apartment over purchasing a new house of their own. A recent study by ATTOM, curator of the nation's largest fused property database, reported that homeownership among millennials is down by eleven percent from the previous generation. As the seven-year run of historically low mortgage rates comes to a close, property expert and developer Marcus Hiles expects for the rental trend in America to continue on its growth trajectory, especially in areas surrounding Houston and Dallas, where renting is already more popular than purchasing a house.
Last December, reflecting expectations that President-elect Trump's pro-growth policies will drive up interest rates, Forbes cited a half point jump in mortgage rates since late October, and predicted a continued rise throughout 2017. While Jonathon Smoke, Chief Economist for Realtor.com, does not expect for the outcome of the election to have a direct impact on housing or the economy, he does believe some young potential homeowners may face difficulty in the next year, "With more than 95 percent of first-time home buyers dependent on financing their home purchase, and a majority of first-time buyers reporting one or more financial challenges, the uptick [in interest rates] we've already seen may price some first-timers out of the market." Among the areas where renting is already more cost effective than owning are the greater Houston and Dallas/Fort Worth metropolitan areas. "Apartments offer additional financial freedom and consume far less space," explains Marcus Hiles.
Marcus Hiles is a Texas real estate expert and the innovative Founder and CEO of Western Rim Property Services, which now owns over 15,000 high-end rental properties. One of the most recognized brands nationwide, known for their superior quality, Western Rim has been named as a Top Five National Award Winner for three years running by SatisFacts, the apartment industry's authority on resident surveys and satisfaction.
Marcus Hiles - Chairman & CEO of Western Rim Property Services: http://www.MarcusHiles-News.com
Marcus Hiles Images - MarcusHilesImages.blogspot.com: http://marcushilesimages.blogspot.com
Marcus Hiles (@marcus_hiles) - Twitter: https://twitter.com/marcus_hiles
Marcus Hiles - New Luxury Apartments in Frisco, TX - YouTube: https://www.youtube.com/watch?v=dmsJNbfOh-g
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SOURCE Marcus Hiles