The homeownership rate in the U.S. has fallen steadily since the Great Recession turned millions of homeowners into renters. Is there a bottom in site, and when will this trend reverse?
U.S. Census Bureau data shows a steady decline in homeownership over the last several years. It's dropped from almost 70% in 2005, just a few years before the mortgage meltdown to just 62.9% in the second quarter of this year.
But families who are now renting instead of owning are not moving into apartments. Economist Matt Vance at CBRE Econometric Advisors says, "They have not left single-family living. They have left homeownership. The difference is they are renting instead of buying."
Where are they renting?
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