Rent or Own?

Census information shows some interesting differences in housing that is available for renters vs. that which is available for sale. Overall the most interesting statistic is the median age of an owner at 54 versus the median for a renter at 39. I believe the age gap to be attributed primarily between two key factors. Younger people earn less money on average and tend to be more mobile. Mobility lends itself to rent rather than own. But if money is driving a younger person away from home ownership, this market is an ideal opportunity to own sooner rather than later. With home prices on the rise but still low and rates remaining at the historical bottom of the range, money is not the issue.

I have found that my buyers over the last two years have in fact been on average younger than ever. I would imagine that the next iteration of this bi-annual government report will show a closer gap between owners and renters as young people seem to jumping at the opportunity to buy that this market has provided.

From the Oregonian, Portland, OR:

"Rent or buy? A recent housing survey shows that the stock of Portland-area rental homes offers a very different sent of amenities and conditions than metro owner-occupied homes.

Many of the differences are likely explained by demographics. Homeowners have a median household income of $70,000, while renters' median household income is $34,164. Renters also skew younger: the median age for the head householder among renters is 39, compared with 54 for homeowners.

The American Housing Survey, conducted by the Census Bureau and the Department of Housing and Urban Development every two years, features metro-area numbers are released on a rotating basis. Portland's haven't been since 2002.

The Census Bureau surveyed 3,885 Portland-area householders, or about one in every 240 housing units. These numbers reflect data collected in 2011.

-- Elliot Njus"