The idea of owning a home has long been put on hold not only by single people, but also by families with children. According to US Census data, in the last decade, the number of families who own their home has decreased by almost 3.6 million. Along with the current economic climate, other factors like the declining birthrate, and the high cost of raising a child are not helping families become homeowners. Meanwhile, the number of families with kids living in rentals has increased by 1.9 million.
National Rental database RentCafe.com recently did an analysis of this trend in the 30 largest US metros over the past 10 years, and these were the main highlights:
- At the top of the list is the Greater Charlotte Area, with a 73% surge in families with kids who rent their home, and an increase of 21% in homeowner families with kids.
- Single-family home prices in the Charlotte metro are not helping families who want to buy either. Over the last 2 years, the median home price here increased by 43%, while the average rent swelled by 30%.
- As the Charlotte metro saw this increase in households with kids, family-sized rental housing is in high demand. Apartment construction numbers show that over the last 10 years, 54% of the apartments built are family-sized units (2,3,4 beds).