Some people say they will never buy a home.
They're called forever Renters, although that doesn't mean they'll never
buy one.
In reality, the concept of renting and not buying makes
sense to some people.
Foxes Teresa Priolo reports.
It used to be the tangible embodiment of the American
Dream,
owning a home. But now there's a new trend emerging.
Gen. Z Millennials are saying keep your cul de sacs
and your white picket fences.
We plan to rent forever.
Right now I'm planning on just saying as a renter,
it's great for the city to be in.
So I think people want to stay.
And also like another reason why I think people rent
instead of buying is the down payment is just massive
right now.
There's a lot of reasons why someone would choose to
forego home ownership.
Payment is 1, the upkeep another.
But then there's the purchase price,
the long commute and the permanence of owning a home.
Affordability has been an issue for a long time.
You have home prices that are very high,
interest rates that are high.
And I think when renters look at the financials,
it just doesn't make sense.
Now take mortgage rates, the process of a bidding war
and the property taxes in New York and New Jersey.
It's enough to make you want to stay in your
junior four,
Absolutely. You look at mortgage rates.
And the economy and people are not wanting to invest
long term,
so I can see the appeal of it.
I have 3 grandchildren, and.
1/31/22 Both live in New York City.
You know, obviously they're not at a point where they
can buy,
so they don't have a choice and the rents keep
going up.
And that's the other problem.
As home ownership becomes more expensive,
rental prices go up, which makes it even harder for
the older Americans who want to unload their home and
downsize,
empty the nest and start a new chapter.