Wealthy baby boomers are choosing to rent rather than own their own home. Homeownership is at its lowest rate in the past 25 years, according to a recent CNBC report, whereas the rate of renting a home is the highest in the past 30 years. This is a result of the younger generation, who has faced the recession, being incapable of saving for a down payment on a home. It is also due to the high-income, middle-aged market choosing to rent (they contribute to 43 percent of rent growth), over owning a home as they get older.
From:: Property Management