Affordable Housing Crisis Intensifies Over the Next Five Years
21 Million households spend 30% of their income on housing. There are roughly 1 million new households per year through 2035 projected and three out of four new jobs in the US are relatively low paying which is producing more renters than homeowners. Millennial are now 30 years or older and beginning to think about things such as schools and enough space for a family and they want affordability as well as walking distance to dining, shopping, entertainment and jobs. Average lifespans are increasing as well as the average age of an assisted living resident. As a result 18-hour markets are heating up and 24 hour markets are declining. Expect large growth in Seattle, Portland, Charlotte, Denver, Austin and Nashville.