Multifamily Housing: The way US Citizens wants to Live

After a decade long lukewarm sales, the real estate industry is finally improving in Unites States. But this time, the trend has changed. Now, multifamily housing units are much in demand as compared to single family units. People are choosing them for multiple reasons; affordable pricing and modern services are just a few of them. Nonetheless, the real estate industry is definitely looking up with a different kind of homeownership, which is pushing nationwide multifamily contractors to deliver their best.

Why US Citizens are Shifting to Multifamily Units
Home ownership was on an all-time low in the last decade. Things are finally looking up for the real estate industry while Americans are still treading with caution. They are ready to buy homes and settle down but they are definitely not ready to take risks and get into costly deals.

It looks like the economic down turn has permanently changed the face of real estate market in the country. Rampant layoffs and huge financial crisis has made people wary and more cautious about how they are spending their money. This is exactly what has killed the lavish market of single family housing units. People are now gravitating towards more facilities in less pricing, which they are finding in the multifamily housing units.

Costly Single Units
Single family units are very costly as compared to multifamily units. Add to it difficult mortgage scenario and single units have become completely out of reach to most Americans. This is another strong reason for pushing the Americans to consider living in multifamily apartments. This is good news for nationwide multifamily contractors, who are working on cut throat speed to over shadow their competitors and make the most of the thriving market.

Easy Mortgage and Low Interest
Single family units are not just costlier than multifamily housing units, they are also difficult to be mortgaged. Furthermore, mortgage on a single family unit comes with costlier premiums. These financial factors have made multifamily housing units the first choice of homeowners across the country.

Modern Life with Less Responsibilities
Multifamily housing units perfectly complement today’s modern lifestyle by providing modern amenities and reducing on responsibilities like maintenance of the property. This kind of living is perfect when time is a constraint and with today’s generation, it is probably the biggest constraint.

Conclusion
No lawns to mow, no equipment to maintain; it’s a dream life for anybody who has no time to spare; which is exactly the story of today’s generation. Initially, it was just bigger cities that preferred multifamily housing but with the changing demographics, multi housing units have found a strong foothold in the suburbs and small towns as well. For now, multifamily housing units is the way to go for America and it’s up to the nationwide housing contractors to bridge the gap between the demand and supply.

Multifamily Housing: The Preferred Choice of US Citizens

While the US has historically been a country where people aspire to home ownership ,the trend has been changing to more and more people renting rather than owning. The reason behind this shift lies somewhere in President Bill Clinton’s tenure and “The National Homeownership Strategy.”

How the Market Changed
Today, America is experiencing more and more families that want or need to rent rather than purchase. In fact, homeownership is at an all-time low in United States. Experts believe that the economic downturn and the current demographic of the country are the cause for this change. Let’s see the main pointers that brought home ownership rate to 64.7 percent.

Multifamily Housing - The New Hot Property
Multi-housing was never a fad in America till last decade. Americans have always preferred single housing for their love of open backyards and of course the barbeque. In 1995, Clinton government’s net strategy brought about a huge boom in home ownership across the country. This period saw huge sales in single housing units where are multifamily units grossly lagged behind. This is where the seeds of change were sown. One day at a time, single housing lost its charm. How?

Sluggish Economy
The 1995 real estate boom saw a huge downturn in the early 2000’s. When the economy was down, most of the people lost their jobs and single housing became easily unaffordable. More and more people started renting or went for multifamily options which were much cheaper at that time because of low sales. Now multifamily units have become the new trend with the current generation.

Change in Demographic Pattern
The current demographic pattern suggests that most people who purchased a new house in late 1990s didn’t need to buy again. Their children who were young adults during the economic downturn are finally settling down now. So, homeownership is taking a turn again, yet, the response is still lukewarm. Even many affordable housing contractors have failed to sell single units.

Tight Mortgage Norms
Getting a mortgage on single family units in today’s economy has become very difficult as compared to a mortgage on multifamily units. So, we can safely say that current economic conditions and new government policies have also actively contributed to the fame of multifamily housing.

Psychographic Changes
Rampant development plans, knee jerk financial policies and the changing demographics of the nation have changed how the country likes to live their life. Nowadays, people are more bent towards convenience and security. A multifamily unit means sharing responsibilities and a whole lot of security which comes from living in a close knit structure.

Conclusion
Today’s generation prefers not having to mow a lawn over missing a Memorial Day lawn party, on their personal property. Most affordable housing contractors are doing good business selling and renting multifamily units. It looks like this real estate trend is going to sweep the United States with a completely new and modernistic lifestyle.