The Wall Street Journal reported recently, American homeownership rates just hit the lowest they’ve been in the last 15 years. Why? People continue to lose their homes to foreclosure. People seem to find renting a safer bet as the economy recovers. It could slip further in the coming months.
It’s true that homes are more affordable than they have been in years, but mortgages are more difficult to acquire, so unless you’ve got a lot of cash upfront, you might still not be able to buy your own house. And many Americans are more skeptical about buying a house than they might have been in the past.
Despite these new trends, homeownership rates still hover around 65%. In other words, many people are staying put in the traditional American living situation. Homeownership has mostly been growing, albeit sometimes slowly, since World War II. During the housing bubble earlier this decade, rates grew very quickly.
On the bright side, rental properties have done well through all this turmoil. So for all you property managers and people who’d rather pay to have someone else deal with your plumbing problems, take heart!
Has the economy affected your decision to buy a home? Tell us about it here or on Facebook!