Built-To-Rent Neighborhoods Are Steadily Becoming The ‘New Normal’ In The US, As Home Ownership Becomes Unattainable

Even though there are still a number of self-proclaimed financial gurus who are calling for an imminent housing crash, the data simply does not support that there will be one; and if prices were to hypothetically fall in a big way it still would be well without reach for many Americans, especially with higher mortgage rates, with home affordability at its lowest since 2007.

SEE: Nope, Still No Housing Crash. The Data Does Not Support One. Be Careful Where You Are Getting Your Information

https://www.youtube.com/shorts/CUcHsFnq3Vc

With owning a home increasingly looking more and more like an unachievable dream, especially for Millennials and Zoomers, Americans are turning towards renting a home instead.

Last week, CBS ran a story titled “Built-to-rent communities are a rising U.S. housing market trend.” Entire neighborhoods are now being built with the intention of being rented in perpetuity and never owning one.

The outlet wrote: ‘Built-to-rent communities began in Phoenix during the Great Recession to meet that demand. They are higher density and smaller cottage-sized homes — a literal cottage industry now spreading in cities across the Sunbelt, including Phoenix, Atlanta and Dallas.’

In July 2023, NBC’s TODAY reported that there were nearly 1,000 built-to-rent communities in the United States, and almost 600 still under construction at the time.

“Think about location, and if the community matches your lifestyle – tips to help you lay the foundation for your version of the American dream,” the TODAY anchor said.

This is part of a much larger trend of an economic shift towards a service and subscription-based economy, where Americans are choosing to rent and lease basic products besides homes.

SEE: Wall Street Journal Lauds America’s ‘Extreme Renters Who Own Nothing,’ Including Their Own Clothes

Deseret News reported last month:

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A recent Intuit Credit Karma survey found that as many as 1 in 4 Americans prefer to rent goods over purchasing, and 58% of those said they do so because of personal preference, not because of affordability or other pressures.

What Americans are renting:

• Car — 17%
• Clothing/accessories — 9%
• Electronics — 8%
• Furniture — 7%

The number jumped to 47% when surveyors were asked if they rented their homes.

“Over the last decade we’ve seen the ‘rental economy’ gain popularity as more opportunities to rent goods and services have flooded the market,” Credit Karma consumer financial advocate Courtney Alev said of the survey, per Credit Karma.

“Renting can serve various needs for consumers, whether they’re seeking flexibility, minimalism or savings. That’s not to diminish the current housing affordability crisis that’s standing in the way of many renters’ ability to achieve homeownership. Whatever the case may be, before fully embracing a rent-first lifestyle, consumers should evaluate all of their options to see how they stack up to their goals and aspirations,” she added.

That said, people would still buy rather than rent if affordability weren’t an issue. The Harris Poll survey found that 48% of Americans said they would purchase if they had the funds to do so, while 28% said they wouldn’t buy because of high mortgage rates.

Why people are choosing to rent:

• Buying doesn’t make financial sense — 13%
• Allows money to be spent on other things — 15%
• Buying is too much maintenance — 16%
• Renting is saving them money — 16%
• Don’t want to live in the area long term — 18%
• Renting is less stressful — 20%

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AUTHOR COMMENTARY

Once again, the World Economic Forum’s infamous and ominous saying continues to be fulfilled: “You’ll own nothing and be happy” by 2030.

SEE: Bought & Paid For: Joe Biden Is Bankrolled By Blackrock And Donald Trump Is Bankrolled By Blackstone

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Amazon Announces Plan To Build And Preserve Over 35,000 Homes For Affordable Housing Near Three Major Cities

Jeremiah 2:14 Is Israel a servant? is he a homeborn slave? why is he spoiled?

America, and the rest of the world for that matter, have essentially been turned into giant plantations and we are just the serfs working them to make a few even richer and richer…

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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