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More Americans are moving downtown; And here’s why it’s a problem

Source: HousingWire

Spoiler: They can’t get on the property ladder

More often than not, millennials are choosing the urban, apartment living lifestyle instead of buying a home. Whereas this is bringing more life and revitalization to downtown areas, it is also becoming a problem in many cities.

Here’s why.

This trend is causing an increase in rental prices. In fact, as it stands right now in this nation, the working class can no longer easily afford to rent even the most modest of accommodations, according to the National Low Income Housing Coalition. At the worst, there are no states where one can work a standard 40-hour work week at minimum wage and afford a one-bedroom rental unit at the average fair market rent.

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