This article below is Good News for Real Estate Investors and also it makes the case that you should own your home rather than rent in the long term to build wealth.
DID YOU KNOW? The affluent are increasingly renting, according to multiple studies. Renters earning $150,000 or more per year were the fastest-growing group of renters. Between 2007 and 2017, top-earning renters increased by 175%, while homeowners within the same income bracket exhibited a 67% growth rate. Out of the 43.3 million renters nationwide, 2.1 million are top earners according to the latest available U.S. Census data. Back in 2007, there were only 774,000 high-income renters. Since 2008, the average size of a newly-built rental apartment has shrunk by 52 square feet, or 5%, to 941 square feet. Apartments have become much more expensive to rent — the average price has risen 28% over the last 10 years to $1,944. That equates to $700,000 over a 30 year period if rent prices stay the same…..$1,944 per month jumps to over $2,600/month simply applying 1% inflation rent hikes annually…..or $815,000. With nothing to show for it – zero equity – at the end of the day. (Marketwatch)
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