Will high rents force boomers to move in with their kids?
Rising rents have been cited as a reason millennials aren’t moving out of their parents’ basements. But higher rents could force some boomers to move in with their children.
So says Don Lawby, president of the Real Property Management franchise, a property management company based in Utah. He says it is shaping up to be a crisis for some boomers for the following reasons:
The average rent for a three-bedroom single-family home in the U.S. was $1,363 in the third quarter of 2015, a 5.7% increase over the last year, according to Real Property Management and Rent Range, a rental information company.