Most cities are having more apartment construction projects. There is a demand for housing, and buyers are a little concerned about entering into a 30 year mortgage commitment. There are many buyers squabbling over a low inventory of properties for sale, but sales of low end rental type properties are brisk.
I have always advocated home ownership until now. It just so happens that this housing market crash came at a time when I was in my 50s and have very little need of a house to call my own. I can rent, save, and travel. Some young couples may still have a future of kids, dogs, schools, and family, but many are increasingly interested in saving money in more secure investments.
The family home has traditionally always been a secure part of a portfolio. Recently that idea has been questionable. My personal opinion is that the cost of housing will continue to decline. There are many ways to build a community with density, just like most city planners have promised. In keeping with that, as long as you would consider a town home of condo, the idea of an apartment isn’t too far off, especially if your town home, or condo is going down in price.
