(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-5WB8HLVL'); U.S. Homeownership Plunges to 18-Year Low | Hamilton Zanze

U.S. Homeownership Plunges to 18-Year Low

hamilton-zanze August 08, 2013

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

Print Friendly, PDF & Email