Real Estate Cedar Rapids Iowa
Builders keep building condos and apartments in downtown Cedar Rapids, and sellers keep selling them, local developers and real estate agents say about real estate Cedar Rapids Iowa.
In the past few years, according to B.A. Morelli at The Gazette, new housing complexes — those owned and rented — have surged in the downtown area, some units with asking prices upward of $600,000. The development trend is expected to continue in a push for a fun, walkable downtown where young professionals, baby boomers and others live, work and play.
The downtown area is attractive to millennials. In addition Money Under 30 found 10 cities with affordable housing and above-average salaries for millennials, 18- to-34-year-olds, and Cedar Rapids ranked #5.
Millennials are projected to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69). The Millennial generation rents the most and makes up 27.3 percent of all renter households? Many are still living with their parents, much more than the previous generation at this stage of their lives. In some states, for example, upwards of 40% of millennials are living at home.
Why do Millennials rent real estate Cedar Rapids Iowa?
- Portable Lifestyle – if you don’t know how long you will stay in a particular area, renting works well. Millennials like to know that they aren’t tied down — they can work, live and experience life on the go.
- Career stability – many young people seem to change jobs frequently, renting works well.
- Credit – is either poor or not well established. The good news here for renters is that on time rental payments can establish credit.
- Income instability – It is hard to make a long term commitment on a house when you have worries about a stable income
- No maintenance expenses – when something breaks, just call the landlord. Maintenance can add significantly to the cost of home ownership.
- No down payment – except for first and last and security deposit.
- Closer to work from an apartment than from a house.
- Amenities – Millennials like amenities, like a pool, gym, meeting and rec rooms, other people your age. High end apartments are like college dorms for adults.
- Along with the portable lifestyle is disdain for stuff that lasts. Furniture retailers see little interest in high quality furniture that lasts generations.
With the city now being named one of the best for Millennials, this is an opportunity to unleash an exciting new future. Ranking in the top percentile in areas such as cost of living, housing (rent and ownership) and low unemployment, Cedar Rapids has quickly rose among the ranks of its peers.
My one concern for the future of real estate Cedar Rapids Iowa and Millennials is about something called “economic purgatory”. It has been described as a place where Millennials are unable to secure jobs that use their potential while being chronically overeducated and underemployed. Then you have high rents, and inability to save for a house or condo. This has led millennials to avoid risk like the plague. They clip coupons, live with multiple roommates look for any chance to economize.”
Harmony Property Solutions, LLC is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help and we can do it quickly!
Give us a call today at 319-343-6773 to let us know what YOU need help with!