High mortgage rates are keeping a lot of Americans from buying a home and perhaps stay in the rental market for longer. Kinloch Partners CEO and Co-Founder Bruce McNeilage joins Yahoo Finance Live to discuss what is he is seeing in the housing market.

Comparing generations, McNeilage notes that people are buying houses later in life, as there is a focus on “experiences” instead of home ownership. When it comes to the American dream of owning a home, McNeilage says the he doesn't know "if it's dying or dead, I just know that the idea of the American dream has shifted and, quite frankly, I don't think it's going back to what it was a generation ago."

Watch the video above to hear how high interest rates are impacting McNeilage's business, which builds and manages single-family rental homes.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

JULIE HYMAN: First, you know, as we prepare to talk for you talk with you and really over the past months as we've been talking about the affordability crisis, I keep coming back to the question of whether the sort of American dream of home ownership is dead effectively, and whether that's OK. Is it OK for people to just rent, for example? Or are they-- are Americans really missing out on wealth building, for example, by not being able to afford to buy houses right now?

BRUCE MCNEILAGE: So I don't know if it's dead or dying. I just know it's shifted. When I got out of school, you were taught, hey, buy a house, settle down, start making mortgage payments, gain equity. And now things have changed. People aren't buying houses till their 35. They want to have more experiences.

And so they're putting more money into their lifestyle and not buying houses right away. So I don't know if it's dying or dead. I just the idea of the American dream has shifted. And quite frankly, I don't think it's going back to what it was a generation ago.

JOSH LIPTON: And Bruce, you know, Wall Street right now is betting the Fed's done hiking. Cuts are in the pipeline. We can debate when that's happening, Q1, Q4. But when that does happen, they do start cutting. What is that going to mean for you for your business, Bruce?

BRUCE MCNEILAGE: I mean, I think our business is robust. We're running at about a 98% occupancy. And that's in all areas that we own houses. And industry average is about 98%, too. So we've been there when interest rates for mortgages were 3%. We're there now.

There's just not enough housing in America. And we're several years behind. I mean, we're millions of houses behind. And it's just going to take many, many years to catch up. And with these high interest rates, it's just making it very tough for people to own houses. But with our industry and what we're bringing to America, we are offering a housing alternative. And that housing alternative is very attractive to families and other folks in our country.

JULIE HYMAN: And Bruce, you mentioned, you know, people sort of see this as a starter option, right? And then they turn over the keys when they buy a house. But is the duration of occupancy lengthening now because of what's going on in the home buying market?

BRUCE MCNEILAGE: You know, I think it is. The average tenant that rents an apartment stays about 2 to 2 and 1/2 years, where, in our business, is 4 to 4 and 1/2 years, Because, again, why would you move out of a brand new house after 12 months? And so, yes, we're seeing people stay longer.

For the first time in my career, people renting out of choice, not out of necessity. So people are actually making a conscientious effort they don't want to buy. Maybe they want to be mobile, maybe they're thinking about moving to a new city. But we are seeing the business grow and more need right now than we can fill. I mean, we're building houses, buying houses as quick as we can. It takes just a week or two to rent and lease a house right now.