“The survey says” judging the geographical location by looking at different rankings and scorecards, noting that these grades are best seen as a combination of industry and data.
Lightning: For young tenants, real estate seems to be “value-for-money”, and not the classic “location-to-location” thinking.
Source: My trusted spreadsheet analyzed a landing tree compilation of the Census Bureau Housing Demographics for 50 large metropolitan areas.
A young tenant should be seen as a highly desirable demographic because it is a group with a lot of promise.
Locally, we find that the average Inland Empire tenant is 30.7 years old-the seventh-youngest among 50 Metros যখন while LA-OC tenants are 33.7 years old, 14th senior.
Nationally, the youngest tenants are found in St. Louis, at 29.6, in Houston and Salt Lake City, at 30.1 and in Memphis at 30.4.
The oldest? Pittsburgh, 36.5 years, New York-New Jersey Metro, 35.6, Providence, RI, 35.5 and Hartford, Kane, 35.4 years.
But what does the age of tenants tell us about a real estate market? My spreadsheet divides 50 metros into three categories, ranked by tenant age – then comparing the youngest markets with the oldest.
Rent costs? The earning capacity of young people is limited, so it is reasonable that affordable cities are preferred. Monthly rent averages 8% in young-tenant markets কম 1,090 vs. $ 1,180 in low-old-tenant metropolises.
There are a few cheap places to be a tenant in Southern California: Inner Empire, $ 1,326 monthly vs. LA-OC, the 11th highest at $ 1,545 the fifth highest. Nevertheless, it is 14% less expensive internally.
Owner costs? Young tenants look for opportunities to buy a home. Mortgaged homes cost 17% less for owners in the young rental market – $ 1,566 vs. $ 1,892.
Southern? Again, no bargaining: Inland Empire, 12th highest at 9 1,917 monthly vs. LA-OC, No. 4 at $ 2,581 but you save 26% off the coast.
The transition from tenant to owner is by no means fast. Statistics show across 50 metropolitan areas, those who own homes they own are 19 years older than their tenants. The country’s largest gap in internal empire was 21 21 years-while the 18-year difference in LA-OC was the 13th smallest.
The last row
Money is a huge factor in the life of a young adult. So, it makes sense that these price-conscious demographers are more likely to congregate in cities where buying a home seems to be readily available.
When I was looking for home ownership rates for these 50 population centers, I found in my spreadsheet the young-tenant market where 66% of household owners live in their home where 63% were on the metro with older tenants.
Southern California is a perfect example. The kids move east because low-value internal empire ownership is 65% একটি a mid-range No. 25 ranking in the national range বন the last place in LA-OC is 48%.
Jonathan Lansner is a business columnist for the Southern California News Group. He can be reached at [email protected]