Millennials’ prolonged stay at Parents Inn is having a profound impact on housing markets
Should millennials rent, or should they own?
To rent or not to rent is not the question. At least, it is not the complete question.
When housing prices escalated in the recent past, some experts recommended prolonged renting to those who couldn’t afford to own. Some even wondered if Canada would transform into a nation of renters while others dreamed of a “Wealthy Renter.”
Despite the recent romanticising of renting and the hypothetical assertions that millennials have shunned homeownership, renting is unlikely to become a national aspiration. The desire to own a home is likely to continue driving growth in housing markets.
The rapid increase in housing prices in large urban areas has created additional barriers to homeownership for low-income renters. This is increasingly true for millennials whose incomes are not sufficiently large to accumulate a down payment.