A recent Zillow analysis concluded that 14% of today's renters are in a qualified position to buy a house.
This Zillow study also suggested that because of tight inventory, steep competition and higher prices many potential buyers were remaining renters.
I wonder what the other 86% of renters are up to, how can more of them shift to the qualified side and be in a position to go to a purchase and sales agreement...
Perhaps looking at a multi family could make the affordability part of the equation easier to manage. Plus big picture this investment could provide cash flow for years to come, even as the buyers move on to the next property. The multi family could be something they keep.
There is also a compelling reason for younger adults to stay at home with Mom and Dad for another period of time. They could squirrel away more down payment money by staying at home. Maybe Rodney Dangerfield was on to something when he told the graduating class in the movie " Back to School" that its a jungle out there, move back with your parents, let them worry about it!
In the meantime, maybe the market will be a little tight for first time homebuyers as they wait for more inventory to hit along with more fixer uppers and diamonds in the rough to hit as well.