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Lofty home prices are causing more higher-income people to rent. The number of Americans with annual incomes above $100,000 who choose to rent instead of buy a home is up by nearly half since 2008, according to Apartment List. NAR Chief Economist Lawrence Yun says told Yahoo! Finance that the trend is at least partially attributable to the relentless rise in home prices in recent years. “Rents have been rising but not as drastically as home prices,” he said. “So even those with high incomes—especially the millennial generation who have good jobs—are saying that home prices are just too expensive.”

Low mortgage rates aren’t going away anytime soon.Despite the booming job market, the Federal Reserve is likely to pull back on interest rate hikes due to concern about global economic growth and uncertainty over U.S.-China trade relations, according to a recent Bankrate survey of economists. That means mortgage rates also likely won't rise significantly for the foreseeable future. “Very low inflation and steady economic growth means there's no need to nudge the economy one way or the other,” Yun, who was among the 21 economists surveyed, told the financial information website.