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New Rentals

On my way to a store I don't go to often, I passed by a few new apartment communities on both sides of the street. These did not exist a year ago when I was there last - atleast that is what I was telling myself. I had just missed a turn and gone further away from home that I needed to - things are changing rapidly around me but not this fast. 

As I found my way back, I could not help wondering who lived in this community and why so many apartments - this is a smaller town and population is not very transient. Maybe there is more than meets the eye here. These could be younger folks who have been priced out of the housing market given salaries that do not support saving up for a down-payment and then the mortgage rates are what they are. These could have been homeowners but they are forced to rent. I did not think about the 65+ year population as potential renters - could see then downsizing but wasn't clear to me that they might prefer to rent instead: 

By 2030, one-in-five people in the U.S. will be 65 years or older. While homeownership rates are highest for this age group (78.6%), a growing number of 65+ are choosing to rent. According to the Joint Center for Housing Studies, the number of renter households headed by someone aged 65 or older jumped 43% from 2009-2019. 

Maybe by then homeownership is more confining and irksome than it's worth. There is always that phase of life where the roots in home and community bring comfort and inconvenience in the same measure - that is likely when a person would prefer to rent and pay a bit extra for freedom. 

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