KALAMAZOO, MI (WKZO AM/FM) – A new study from RentCafe shows the number of higher-income Millennials renting instead of buying a home is on the rise, and that includes the City of Kalamazoo.
The apartment search website says the share of applications coming from renters of this generation, with individual incomes of over $50,000, reached a five-year high of 43% in 2021.
They say Kalamazoo is a hotspot for these lifestyle renters, as the city boasts one of the highest increases in the share of apartment applications submitted by Millennials earning $50,000 and over at 51%.
In a hot for-sale market like Kalamazoo, would-be Millennial homebuyers turned to renting in 2021, pushing their share of lifestyle renters up to 24%.
On average, renters who applied for an apartment in Kalamazoo this year earned $2,952 more than 2020’s prospective renters, whose income was $30,864.
RentCafe says lifestyle renting is embraced by another generation of buying age. The share of applications submitted by Gen X renters earning over $50,000 has increased by 19%.
On the other hand, the share of Boomer applicants looking for an apartment to rent in Kalamazoo dropped by 2% compared to last year, they say showing the older generation’s preference for home ownership.
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