It used to be that home-ownership was a part of the American dream. Home-buyers would scour for properties that suit their needs whether it was for their growing family or for a second home. But the global economic slump that has plagued the real estate market has created a major shift on the housing landscape.
Oliver Chang, Head of U.S. Housing Strategy at Morgan Stanley, recently explained the reason behind this new housing landscape. He opines, “One of the big reasons why we believe the rate of home-ownership is going to decline and more people are going to rent is that it’s just getting harder and harder to get a mortgage and so as people are not able to buy homes, they’re basically forced to rent and we see that continuing.”