Apartments might still dominate the rental housing inventory but single-family rentals have greatly increased from 2007 to 2016, expanding faster than apartments in 22 of the 30 largest U.S. cities analyzed in the study. Detroit showed a 24 percent increase in single-family rentals compared to only a 1 percent increase in multi-family rentals. Detroit is ranked at No. 3 for cities with the largest share of single-family rentals, at 44 percent. These single-family rentals are popular for folks who aren’t quite ready to purchase a home or for young folks who want to live with friends, multiple roommates.
Multigenerational households rose to an all-time high of 20 percent of the U.S. population in 2016. Thirty-three percent of millennials aged 25 to 29 live with their parents—millennials are the most likely to live in a multigenerational household. Not surprised, as we also know they’re the most debt-ridden generation thanks to student loans but also determined to own a home—why pay rent when you can live with the parents and save for a downpayment while paying off those student loans sooner? Though, there’s a lot of low down options today.
Grand Rapids, MI makes list for U.S. News & World Report’s 2018 Best Places to Live, coming in at No. 12. The top place for the second year in a row: Austin, TX. These standings are based on where folks “can feel the most fulfilled socially, physically, and financially.”
Of course, Niche.com had other thoughts, ranking Ann Arbor, MI as the top place to live in America in 2018, thanks to its public schools, family-friendliness, nightlife, diversity, and housing.