The American Dream is Shifting from Owning to Renting

Rental Properties Offer a Myriad of Options, Amenities. End Quote

Monmouth-Ocean, NJ (1888PressRelease) August 02, 2011 - For generations, the American Dream has been synonymous with homeownership. Today, however, with the stress on housing markets, some Americans are redefining that dream, finding they don't have to buy to live well.

"For many people, the American dream of owning a home is on hold," explained Ed Walters, Jr., president and founder of Walters Group. The residential and commercial real estate developer has built thousands of custom homes, planned communities and multi-family housing properties since 1984.

"Ownership is no longer a guaranteed investment for the short-term or first-time buyer who wants to cash in or trade up," he said. "In addition, many people coping with unemployment and tighter credit conditions are being prevented from jumping on the property ladder."

"If you have good credit and can afford the down payment, it's still a great time to buy," Walters added. "But many people don't have the confidence or resources so they have modified their plans. They view renting as a great way to wait-out the volatile marketplace and still live well."

The shift from homeownership is evident in statistics published by the U.S. Census Bureau during the second quarter. The numbers showed a drop in the rate of homeowners to 65.9%, a level not seen since 1998. Walters expects the level to decline even further before the market stabilizes. The good news is that there are many more rental options already built and under construction as developers respond to demand.

Walters has several projects currently underway including affordable housing, also known as workforce housing, with places for neighbors to gather, children to play, and employees to have easy access to transportation. Most Walters properties are also environmentally friendly and service-enriched.

"Rental housing satisfies the American Dream for people at various stages of life. Newlyweds are looking for places to live, save money and start a family, while older adults want more carefree living. Renting can satisfy both requirements," he said.

In Barnegat, Walters is developing Stafford Park Apartments, a state-of-the-art "green" community constructed, owned, and managed by the company. It features 112 affordable apartments built within the mixed-use Stafford Park redevelopment, which has retail stores and restaurants. The properties are eco-friendly and offer amenities such as a clubhouse with fitness center, washer/dryer in every unit, a tot lot playground, 24-hour on-site management and maintenance, and on-site parking.

At the same time, Walters will begin development of a new luxury rental community, Stafford Preserve. Designed to be LEED certified, the property will consist of 216 units when completed in April 2012. Onsite amenities will consist of a community clubhouse with state-of the-art fitness center, resort-style pool, children's' playroom, tot-lot playground, tennis and basketball courts, picnic pavilion, and barbeque area.

Traditional American Dream Buyers Benefit from Today's Market

While apartment renters increase steadily, the majority of home owners and non-owners still consider ownership an essential part of their American Dream according to a recent survey commissioned by the National Association of Home Builders (NAHB). The study showed 75% of those polled still felt that homeownership was worth the risk of market fluctuations, and 95% claimed they are happy they decided to buy their home.

"People who are working and have good credit and the money for a down payment are finding it's a great time to buy," Walters added. "Interest rates are at historical lows, and by locking in on a mortgage, a buyer can get an incredible deal."

First-time buyers who don't have to sell, and empty-nesters looking to downsize, can take advantage of favorable buying conditions. "Both groups consider price, design, and location before making a purchase," added Pamela Schuster, marketing and sales manager for Walters Homes. This spring and summer, Schuster reported an increase in sales activity at both Ocean Acres at Barnegat where single-family homes are priced from $239,995, and Whispering Hills where townhouse prices start at $219,920.

"We are fortunate to work for a company that offers rentals and sales," Schuster added. "We've had some renters turn into buyers because they like the area and they like our construction. And the company is positioned to weather the market fluctuations that are taking place."

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