In this post-recession era your target market might look a little different than you’d expect. Take potential homebuyers for instance. According to the latest data just 36% of young Americans (35 and under) own a home. This is despite the fact that 90% prefer owning to renting.
The problems facing young people when trying to buy a home are obvious especially in this kind of climate. Student loan debt is astronomical, tight lending standards and low credit scores compound the issue, and tough competition in the market – all these make it nearly impossible for young people to enter the market.
How can you weave the fine line between making dreams come true and making realistic decisions? Where do you join practicality with idealism? It’s not easy but it’s out there. Remember, renting is a solid investment in this kind of climate. There’s no shame in pointing a potential investment into the rental market. There’s money to be made.
Some of the old standbys are changing but it’s all for the best. Make sure you’re primed to find the right audience at the right price and you should do fine.