Multi-family housing boost could increase American homeownership rates
Posted on Monday, August 27, 2012 at 9:25:07 PM
The housing market may soon see an increase in multi-family housing options. According to the UCLA Economic Letter for Real Estate and the Macroeconomy, the troubles of the past six years led to nearly $7 trillion of wealth destroyed, and the average home price declined by nearly one-third.
However, as the real estate market continues to make positive strides, more Americans are looking toward homeownership. The makeup of an average home may alter to fit the economic situation people find themselves in. The source claims that more potential homebuyers than ever are looking at using residential financing to purchase a multi-family house.
The boom in this recent trend may be associated with the growing number of elderly adults entering retirement, the poor economy, rising rents and tough mortgage lending practices. Having more than one adult and multiple generations in a home allows a household to decrease certain living costs such as childcare, utilities and the mortgage.
Check out lending options from Home Loan Investment Bank to determine if buying a multi-family house is right for you.