America’s luxury apartment boom is gentrification on steroids

Luxury apartment in Chicago
Luxury apartment in Chicago

Christopher Groskopf | Yahoo Finance

Across the country a wave of dual-income couples and down-sizing baby-boomers are skipping home ownership and choosing apartment living instead. These elective nomads are pushing rents in American cities through the roof. Meanwhile, other renters—who have a median household income less than half that of homeowners—are finding that fewer and fewer homes fit their budget.

Developers have responded by flooding the market with new apartments—nearly 250,000 were completed in 2015 alone. However, those who hope the building boom will provide shelter for the huddled masses are in for a nasty surprise: Three out of every four new apartment buildings are luxury designs targeted at high-end renters.

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