ML-Implode News - No Picket Fence: Younger Adults Opting to Rent

"They're not going to go from living with their parents to buying a home," said Mark Zandi, chief economist at Moody's Analytics, speaking at a housing conference in Washington. "They're going to rent an apartment."
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While construction of single-family homes is only halfway back to its prerecession levels, construction of multifamily units -- which include both condos and rentals -- is at its highest level in 25 years. Apartment construction is exceeding its prerecession peaks in some markets, including Austin, Tex.; the Washington metropolitan area; and San Jose, Calif., according to a recent report from the Joint Center for Housing Studies at Harvard.''

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No Picket Fence: Younger Adults Opting to Rent