With the economic down turn in the United States of American home ownership and the buying of a house have become something of a dream to many young American families. With worry over the future of their careers, the possibility of redundancy always in the back of every ones mind as well as the every growing cost of living its understandable that many young people are not getting the first step in the housing market.
With young people struggling to get onto the property ladder and buy their own homes lots of people are looking for properties to rent now rather than be burdened with the responsibly of home ownership or the inability to be able to get a mortgage from the banks to put a down payment on their first home.
Even with the housing market still on a decline the rental market is still strong with rent rising by more than 5% in tight markets in the major cities. With so many people looking to rent now it has meant that the are becoming less and less vacant properties especially in historically tight cities such as New York, LA and Boston. This is not likely to chance in 2012 with economists predicting that it will only get tighter and force rental prices up more.
With the US election looming in 2012 there will be a great deal of debate around housing and how the republican party will aim to tackle the problem of affordable rental housing around the whole of the United States of America. With many homes falling behind on mortgage payments and going into foreclosure due to the poor economy it will be a make or break point for the new presidential campaign.
I for one will be extremely interested in what everyone has to say in the matter.