Renting is In

Over at the Daily Beast they’ve discovered that renting is what it’s all about:

For the first time since Herbert Hoover pushed homeownership as a way of staving off communism’s Red Menace, owning has lost its luster for the young. Since 2008, when the economy faltered, the percentage of young people who think that owning a home “is without a doubt always better than renting” has fallen by several percentage points, according to study (PDF) released in October by the Center for Behavioral Economics at the Federal Reserve of Boston.

Renting, it seems, once the province solely of the disenfranchised, has acquired a sort of cool respectability. Empty nesters got the same religion a couple of decades ago, when droves of them began cashing out of their high-maintenance houses, but the embrace of young professionals is a postrecession phenomenon. For developers, says the futurist Richard Florida, whose most recent book is The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity, “multifamily is the only game in town.”

It’s an interesting article that looks at the cultural influences that are causing home ownership to lose some of its luster, as well as the economic influences that have been reported extensively over the last couple of year.