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Ep. 130 - THE GEN Z IMPACT; FLOWING FORWARD; MORTGAGE PAYMENTS ARE TOO DAMN HIGH
In this episode of "Kiss My Assets," Jamison, Heather, and Bart discuss the high cost of rents and the shifting attitudes towards homeownership. They mention that the median renter in the US spends 30% of their income on rent, which is still a significant amount. Rent prices have slightly decreased from the previous year, but owning a home is generally more expensive than renting, except in certain areas like Detroit, Philadelphia, Cleveland, and Houston. The hosts also attribute the increase in rents during the pandemic to the rising costs of houses and the low interest rates provided by the Fed, which made buying homes more affordable.
They discuss the changing perception of the American dream, with fewer people considering homeownership as a good investment. In 1978, 53% of respondents wanted to own a home, while in 2023, only 21% expressed optimism about homeownership. Millennials and Gen Z are more inclined to prioritize flexibility and the cost of renting over the long-term commitment of owning a home. They value experiences and quality of life more than traditional notions of the American dream.
The hosts also touch upon the preferences of Gen Z, who are interested in living near cities but in suburban areas, combining the best of both worlds. They prioritize technology and amenities, making sure properties are tech-savvy and offer high-speed Wi-Fi. The importance of online presence and virtual tours is highlighted for property managers to attract these digital-native renters.
Furthermore, the discussion touches on the role of water in multifamily developments, particularly in Arizona. The hosts mention the concerns about the Colorado River and how President Biden has become involved in the negotiations between California and Arizona to address the water issues.
Overall, the episode delves into the affordability of rents, the changing perception of homeownership, the preferences of millennials and Gen Z, and the importance of technology and water management in multifamily developments.