Housing Trends Evolve with Economic and Social Landscapes
Housing trends mirror the changes in societal preferences and economic dynamics that range from the increasing popularity of renting to the emergence of hybridized housing models that blend work and home life and the growing appeal of co-living with family members for financial efficiency. These trends not only reflect shifting perceptions of living spaces but also highlight the innovative ways people adapt to the ever-changing housing market.
The 2020 census provides a comprehensive view of the transforming housing landscape in the United States. Notably, the data reveals a departure from traditional homeownership. The rate of owner-occupied housing units dipped to 63.1%, marking its lowest point since 1970. In contrast, a 14.8% increase in renter-occupied units since 2010 indicates a growing preference for renting.
David Allen, market analysis and research manager at the Michigan State Housing Development Authority, said that “seniors over age 65 generally have a high homeownership rate.” However, there is a trend toward renting among “very old households, as they often require more assistance and seek rental housing solutions that offer support.” For older individuals, renting can free up capital, increase liquidity and provide flexibility for retirement. Some opt for a simpler, more manageable lifestyle and downsize to lower-cost housing solutions.
Furthermore, the COVID-19 pandemic has solidified preferences for renting versus buying across various age groups.
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