Number of U.S. Homeowners Hits 20-Year Low
In 2014, the rate of Americans who owned their homes slid for the 10th consecutive year, to 64.5 percent — the lowest level of homeownership in 20 years, according to a report by the Joint Center for Housing Studies at Harvard University.
The Guardian reports:
Even as US is on the path to recovery and unemployment has dropped to 5.5%, homeownership rate still continues to fall. In the first quarter of this year, it has dropped to 63.7% – lowest quarterly rate since early 1993. …
Home ownership is not just slipping through the fingers of the younger millennial generation. The homeownership rate for those 35 to 44 years old has fallen the most and is down 5.4% since 1993. Their homeownership level is down to the levels not seen since the 1960s.
There are many different factors that are contributing to this trend – from high student loan debt among younger Americans to rising home prices and stagnant incomes to tougher lending standards.
Read more here.
— Posted by Alexander Reed Kelly.