“The American Dream” is no longer beautiful! Foreign reports: Renting has become the new normal for Americans

“The American Dream” is no longer beautiful! Foreign report: Americans renting has become the new normal. China News Service, February 12...

The real estate website RentCafe studied the 100 largest cities in the United States and found that in many cities, the number of people renting exceeds the number of people buying. This new concept of renting but not buying has become a new normal in the Bay Area, where housing prices are particularly high.

In addition to high housing prices, which make renting the only option, millennials do not want to be restricted by long-term mortgage loans, so they only rent rather than buy, which is also the reason why many cities have become rental cities.

59% of people in Oakland are renters, not landlords, making it the city with the highest proportion of renters in the Bay Area; San Francisco is also a city where renters make up the majority, with a proportion of 56 %; in San Jose, renters accounted for 42%, and homeowners accounted for 58%; in Fremont, it was 42%, but from 2006 to 2016, the proportion of renters increased by 31%, which is the sixth largest increase in renters in the United States.

Sydney Bennet of the real estate website Apartment List said that after the housing market bubble burst in 2008, many people's houses in the Bay Area were seized and auctioned, and many people stopped buying houses. Then, the new generation who graduated during the economic recession in 2009 have not bought a house yet because they cannot save money.

In San Jose, it takes 31 years for young people to save the down payment required to buy a house in the middle price range; in San Francisco, it takes 28 years.