Subdivisions in states across the country are catering to people who want the benefits of living in homes without the burdens of home ownership.
Chris Arnold reports on new subdivisons that are made up of homes that are not for sale, just for rent. "[Developer Josh Hartmann] says there are basically three types of renters of these houses: recent divorcees like [Lou Ann] Erwin, aging baby boomers who don't want the headaches of owning a house anymore and millennials."
Hartmann says he started building homes after the housing crash as an alternative for people who lost homes to foreclosure and wanted time to recover financially before looking at home ownership again. Instead, he found that more people with the resources to purchase homes were choosing to rent instead.
The renters say they prefer the home and neighborhood amenities these rentals offer, including yards, patios, and community pools. In areas with rising housing prices, such as Denver, the rentals also offer an option for people reluctant to commit to long-term mortgages, notes Arnold. "In the past year, developers around the country built more than 40,000 homes as single-family rentals, the National Association of Home Builders says."
FULL STORY: Renters Only: These New Homes Aren't For Sale
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
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