Sam Zell, chairman of Equity LifeStyle Properties (ELS) and Equity Residential (EQR), says homeownership may continue to fall as low as 55 percent because so many Americans are postponing marriage and having children. According to Census Bureau data, the homeownership rate dropped from 65.2 percent in Q4 2013 to 64.8 percent in the first quarter of this year. He cited reports of women freezing their eggs to postpone having children so they may pursue a career, further slowing demand for single-family homes, as bloomberg.com reports. “The deferral of marriage has such a staggering impact on real estate and I just don’t think people focus on it,” said Zell, 72, whose Chicago-based Equity Residential is the largest U.S. apartment landlord. “I don’t think the multifamily market has ever had a better set of future demographics.” MHProNews.com understands ELS is the largest owner of manufactured home and recreational vehicle communities in North America with 380 communities comprised of almost 140,000 homesites. EQR owns or has investments in about 110,000 multifamily units.
(Photo credit: Equity LifeStyle Properties, Inc.–Colony Cove Ellenton, Florida)