Rate of Homeownership Hits New Lows
It has been announced that the rate of homeownership in the United States dipped to 63.4% in the second quarter of 2015, which is the lowest rate since 1967 (HousingWire
What does this mean? There are a variety of explanations as to why this number is so low. While the economy is stabilizing, many are still struggling to find their footing in the housing market since the crash.
People are still eager and interested in investing in real estate but the means of getting there are not keeping up with the actual market. Basically, the housing market is improving and recovering but at a quicker pace than actually people are able to make the same rebound. The good news is that people are still interested in the housing market. While not everyone is able to jump onboard immediately, goals are still pointed strongly to investing in property.
Over time, these numbers should level out to an “average” we have experienced in the past few decades. Homeownership rates are expected to increase again over the course of a few more years as employment rises and continues to allow people the opportunity to get their footing.
While some are touting this number as a source of concern, it is a very predictable number as a result of what our economy went through not many years ago. The crash upended many things in our country and as we continue to recover, not all numbers will improve at the same time. Luckily the outlook is optimistic and it appears housing continues to grow in a positive direction.