Monday, June 24, 2013

Home Ownership Rate at Lowest Since 1995

The share of Americans who own their homes is at the lowest level since Q3 1995, standing at 65 percent. Home ownership is lowest in the western states, at 59.4 percent.  Economists predict home ownership levels could drop another 1-2 full points over the next three years considering 10 million Americans still owe more on their mortgages than their properties are worth.  In his 2012 book The Age of Deleveraging economist Gary Shilling predicted an additional 780,000 new renters each year in the U.S. through 2016 as home ownership rates continue falling.