According to its recent studies on market conditions and real estate demographics, the Mortgage Bankers Association found that “Millennials are drawn to dense urban areas, but are a large part of all housing markets.” They also found that Retirees are found to be less common in urban areas. 
The same report looked to see if stereotypes truly applied to Millennials, which was assumed to clump Millennials into downtown area apartments in densely populated downtown areas. They found that this is not always the case: Millennials make up a greater share of Apartment Towers (33%) and High Density Downtown (31%) households than of any other housing market type.
“But in absolute numbers, there are more Millennials in Apartment Suburbs and in Eclectic Suburbs than in any other market type.”
Currently, the MBA found that the homeownership rate is roughly 64% of U.S. households owning and 36% renting their homes.
They also found that homes in multifamily structures are more likely to be renter-occupied, and single-family homes are more likely to be owner-occupied.
Almost one-half of U.S. households live in the suburbs, more than in either urban or exurban / rural communities. Almost one-half of all U.S. households (47%) live in suburban housing markets.
To put these numbers in context, the suburbs, with 47% of the nation’s households, make up 3% of its land area. Urban markets, with 23% of the nation’s households, make up 0.3% of its land area. Exurban and rural markets, with 30% of the nation’s households, make up 97% of its land area.
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Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.