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.”