The American Dream of homeownership is certainly still alive. Consumers still dream of owning a home—whether a single-family with a white picket fence, a condo, or a multifamily home.
But due to the economy, we’re seeing many folks getting creative with achieving that dream–from multi-generational living, to combining purchases with family members to relocating to regions with lower costs of living.
Multigenerational living is something that we saw begin with multicultural markets, specifically Indian, Asian and Hispanic buyers. Now, it has pervaded all of the home buying populations—likely due to economic conditions, current supply on the market and demographic changes. Whether it’s a decision based on family values, finances or sheer need for young parents to have help with their young children, many families are buying together—with two or even three generations living under one roof.
Combining purchases with other buyers—or other renters—is another way we’re seeing Americans achieve the dream. A smart way to get into homeownership is by purchasing a small multifamily home, or a home that has a garage, basement or other income producing property. That way, you have only one mortgage and you can create rental income (pending local regulations). Other consumers are buying together by pooling their money and investing as a group.
Relocating to less expensive regions is something else we’re seeing become more popular. If you look at the list of fastest growing cities or under-the-radar markets, a lot of them are in the Sun Belt, Southeast and Southwest—like Nashville and Austin. We’re also seeing bedroom communities in feeder markets like Sugarland, Texas grow in popularity, given low prices, access to jobs and life-enhancing activities.
View this original post on ERA’s blog, Owning the Fence.