U.S. Homeownership Plunges to 18-Year Low

Reuters reports that millions of Americans are turning to renting, and the trend shows no indication of slowing. Homeownership fell to 65.1% in Q2 2013. The decline was most pronounced in the 55-63 year old demographic, which saw ownership dip 0.3% in Q2 2013.

Related to the decline in homeownership, the apartment vacancy rate fell to a 12-year low of 8.2%, with national median rents rising to an unprecedented $735. This increase in renting is primarily due to a shortage of supply for single-family homes, coupled with stricter lending standards and high unemployment. Rising mortgage rates could push even more people to renting in the coming months.

Read the full article at Reuters