The look and feel of the American residential marketplace has been pretty consistent over the previous three-quarters of a century. Young people join the workforce and shortly thereafter seek to buy their first home. Renters save up to do the same. In a few years with growing families and/or improved financial situations they buy up. Occupant home owner-ship rates continue to climb. Home builders rapidly construct to meet demand. And investor landlords focus on multi-family units and apartment buildings.
Well, many of these axioms have been called into question in the years since the most recent recession. And while one highly-publicized change related to the millennial generation turned out to be a myth, other recent developments have passed the point of a being short-term anomalies and now must be considered the new reality.