Is A New Class Of American Renters Emerging, Or Did Zillow Just Repackage The Old One?
Section: Market Decoder
Author: Susan Isaacs, Washington DC Real Estate Strategist
Zillow has a new name for a growing group of Americans who rent even though they say they’d like to own a home: “lifestyle renters.”
It’s a nice phrase. It makes renting sound like a glam choice that comes with concierge service, an espresso machine, a rooftop pool and the freedom to move whenever you please.
But there’s another possibility.
What if a substantial number of these supposed lifestyle renters are simply would-be buyers who can’t make today’s numbers work?
That’s particularly worth asking when 42% of renters surveyed said they would consider buying if mortgage rates fell. And the distinction matters even more in expensive markets like Washington, DC, where the traditional starter-home ladder has become increasingly difficult to climb.
I took a closer look at the numbers behind the “lifestyle renter” story, who these renters actually are, and how a housing-affordability problem can acquire a much more flattering marketing label.
Read the full story on Real Estate in the District →