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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 April 2025 J O U R N A L • Maricopa County (Phoenix), Arizona • Orange County, California (outside Los Angeles) • Dallas County, Texas • Riverside County, California Median home prices are increasing faster than average wages in 40% of the counties analyzed, including: • Los Angeles County, California • Cook County (Chicago), Illinois • San Diego County, California • Miami-Dade County, Florida • Kings County (Brooklyn), New York Best SFR Growth Markets The report identified 28 "SFR Growth" counties where average wages grew over the past year and potential 2025 annual gross three-bedroom rental yields exceed 10%. The 28 SFR Growth markets include: • Wayne County (Detroit), Michigan • Suffolk County, New York (outside New York City) • Cuyahoga County (Cleveland), Ohio • Shelby County (Memphis), TN • Hidalgo County (McAllen), Texas MORE RENTERS REJECTING THE AMERICAN DREAM F or generations, attaining homeownership was considered the cornerstone of the Amer- ican Dream. However, a new survey by Cortland suggests that perception is rapidly changing. Nearly half of American renters (43%) say renting has enhanced their quality of life com- pared to owning a home. Among these renters, the top reasons cited for their improved lifestyle include affordability (59%), location convenience (51%), and maintenance-free living (49%). Homeownership No Longer the End Goal Traditional attitudes toward homeownership as the ultimate life milestone are shifting. Only 32% of renters consider owning a home part of their ideal future. Instead, many renters are opting out due to concerns over maintenance responsibilities (45%) and avoiding mortgage debt (40%). "The landscape of American living is evolving, and apartment living is no longer just a temporary phase," said Juan Bueno, President of Operations at Cortland. "For many, it's a deliberate choice due to the f lexibility and ame- nities renting offers, in addition to an enhanced experience, community, and freedom from the burdens often associ- ated with traditional homeownership." Monitoring Generational Shifts Generational differences further highlight this shift. More than 40% of Gen Z and millennial renters are unsure or doubtful about ever owning a home. Despite this, a strong majority—84% of Gen Z and 81% of millennials—say they are at least somewhat satisfied with rent- ing as an alternative. Even 71% of Gen X and older renters express contentment with their rental lifestyle. Overcoming the Barriers to Home- ownership Several financial challenges con- tinue to make homeownership out of reach for many renters: • High housing costs (58%) remain the top barrier. • Rising living expenses (52%) are another significant concern. • A lack of savings (46%) prevents many from affording a down payment. An interesting statistic uncovered by Cortland's study showed those who intend to be lifelong renters have higher expectations for rental properties (53%), and nearly half of all renters (49%) be- lieve renting can meet their needs just as well as homeownership. Community and Lifestyle Benefits as Primary Drivers Beyond financial reasons, many renters appreciate the lifestyle benefits that come with renting. A third (34%) of those who feel renting has improved their quality-of-life credit a sense of community as a key factor. It is also noteworthy that location preferences vary by region. While 42% of renters nationwide would prefer a suburban setting if they were to rent permanently, a majority (38%) of rent- ers in the Northeast favor city living. Also of interest is that those who have previously owned a home are more likely to say renting has improved their quality of life (52%) than those who have never owned a home (38%). Ushering in a New Era in Housing Preferences "This evolution in housing pref- erences marks a critical moment for the multifamily industry," said Mike Gomes, Chief Experience Officer at Cortland. "As attitudes shift, Cortland continues to leverage data-driven insights to tailor our offerings and im- prove our service delivery, aiming to go above and beyond expectations to en- rich the lives of Americans who choose renting as their housing solution." As the housing market remains challenging for buyers, renting is increasingly being viewed as a long- term, viable lifestyle choice—one that provides f lexibility, financial relief, and an enhanced quality of life. HOMEBUYERS REVEAL GENERATIONAL TRENDS & PREFERENCES A new report released from ServiceLink revealed that Gen Z remains eager and ready to buy a home this year. However, high interest rates and home prices could deter them from crossing the finish