Single family housing- a bust?

The housing culture in America is strongly biased towards single-family housing. In larger cities, apartments are the norm, but in most places, the suburbs are much more popular. A current idea floating around the real estate market is that single-family housing is going to be losing popularity in the years to come, as more and more people choose to live in apartments and new urban areas. But an article titled Don't Bet Against the (Single-Family) House refutes that claim. There are two major considerations as to why Americans will still prefer single-family housing.

For one, it's part of the culture. Americans like space. They like privacy. They like lush green lawns with barbecues and swimming pools. Okay, maybe that's a bit of a vintage 1950's visual, but you get the idea. When families add children, the great American dream of owning a home suddenly becomes more important also. Like it or not, America is about wide open spaces. We tend to spread out, partly because we can.

Aside from the desire for lots of space, American families are also growing. With the economy in it's current state, it is not uncommon for recent college graduates or newlyweds to move back in with parents. Even some established families are needing to cut costs by living with family. On the other end of the spectrum, aging parents sometimes need a little more help but are unwilling or unable to live in a nursing home. These elderly folks are choosing to live with their children, rather than a home. Multi-generational families, once the province of immigrants, are becoming more mainstream.

So what's the point? Single-family homes offer a great investment opportunity. While owning a home is the goal for most people, obtaining that goal may be a long way off. People need a place to live in the meantime. It can be difficult to find homes to rent in desirable neighborhoods. By investing in single-family housing, you are making a smart choice for sustainable long-term income. Managing those homes can be difficult at times. Our goal at Provident Property Management is to make it easy for you. When you sign on with us, you can rest assured that your property will be well maintained and well managed, leading to a higher return for you. Contact us today for more information.