Renting has long been a reliable steppingstone toward homeownership and, in turn, upward mobility and financial security. But that is no longer the case in many American cities. With rapidly rising rent costs, student debt and tepid wage increases, homeownership is slipping further out of reach for many young adults.
Fortunately, creative technology-driven solutions are emerging to address housing issues, from app-based automatic savings plans and renter rewards to shared equity programs for down payment assistance. It’s the type of game-changing disruption epitomized by the likes of Uber in transportation and Airbnb in hospitality but which has been largely absent from residential real estate.
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Story excerpt provided by The Columbus Dispatch.
Written by Calvin Cooper.
Originally published April 19, 2019.