SeniorHousingNews says while Democrats lambast vice-presidential candidate Paul Ryan’s proposal to make Medicare a voucher system, Republican presidential candidate Mitt Romney points out President Obama’s Affordable Care Act garners a significant portion of funding by cutting Medicare $716 billion. The combination of reductions in reimbursements to hospitals and private health insurance companies, and reductions to reimbursements to private Medicare Advantage Plans accounts for just under two-thirds of the cuts in Medicare. As MHProNews knows, a significant number of manufactured housing community residents are in the 55+ age bracket, and these cuts could seriously impact their financial well-being. Please see attached graph.
(Graphic credit: Washington Post/Senior Housing News)
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Investors tells MHProNews.com the rise in rents may make some people think twice about renting as opposed to buying. The average rent of $1,016 in 2009 will hit 1,101 this year, according to Marcus and Millchap’s 2012 National Apartment Report. Analysts expect it will rise four percent next year. As people do move from renting to owning, there are echo boomers in the 20 to 34-age bracket who will want those rentals, keeping demand high. The national apartment vacancy rate is expected to hit five percent this year, down from 6.6 percent in 2010. The current reluctance of developers to build new units should help keep vacancy rates down as well. According to the National Association of Real Estate Investment Trusts, apartment construction is at a 20-year low, and there is a 2.5 million shortage of apartment units in the U.S. Increased demand for rentals will ultimately drive people back to homeownership.
(Photo credit: Wikipedia–Old Pan Balance Scale)
Categories: Business, Economy, home buyers, News Item, Trends $5 million, age bracket, apartment construction, apartment vacancy rate, balance scale, developers, echo boomers, marcus and millchap, national apartment, national association of real estate investment trusts, real estate investment apartment units, Real Estate Investment Trusts, reluctance, rents, vacancy rates, wikipedia