Renting is also much, much more flexible. What many people are seeing is the Democrat Urban Model failing them. The cities run by Democrats are expensive and services are plummeting. Who wants to be trapped there?
A tenant can, even in the middle of a lease, up and leave the city or state for a new or better job. What landlord is going to sue in federal court or pursue a debt across state lines? Not for residential rent rates. It doesn’t pay and it will never or rarely show up on a credit report if you do. Landlords aren’t that sophisticated or interested.
You cannot do that with a mortgage. The consequences are dire. Incentives work, just not always the way you think they will.
talked to Ivy Zelman’s lead analyst on friday and his comment was that renting/buying is pretty agnostic to single family home starts. demographics will drive the demand and a lot of Millennial’s are completely fine with renting a single family home after they get married and start having kids.