July 28, 201511 yr Home ownership rates drop to 63.4%, lowest since 1967 The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter of 2014. It marks the lowest homeownership rate since 1967. Homeownership peaked at 69.2 percent at the end of 2004, when the housing market was in the midst of an epic boom. The 50-year average is 65.3 percent. "It is now just five-tenths from the record low seen in 1965 in data going back also to 1965," noted Peter Boockvar, an analyst with The Lindsey Group. ... Looks like CNBC just updates the article quarterly now. From April of this year... Homeownership rate lowest in 25 years It has to do with this: math. The homeownership rate in the first quarter of this year fell to 63.7 percent, the lowest since 1990, according to the U.S. Census. The homeownership rate is the ratio of households that own to overall households—the remaining being rental households.
July 28, 201511 yr Before we get all stressed out, I read an interesting article the other day about WHY people are choosing not to buy, but rent instead, an the reasons had nothing to do with being able to afford it. I'll see if I can find it, but the reasons mirrored my current reasoning.
July 28, 201511 yr Before we get all stressed out, I read an interesting article the other day about WHY people are choosing not to buy, but rent instead, an the reasons had nothing to do with being able to afford it. I'll see if I can find it, but the reasons mirrored my current reasoning.For awhile I could've bought a home but renting made A LOT more sense for me.
July 28, 201511 yr For awhile I could've bought a home but renting made A LOT more sense for me. I think millennials are waiting longer which might be part of the reason.
July 28, 201511 yr I think millennials are waiting longer which might be part of the reason. ..and as soon as I posted that I found this which says it's middle-aged who are owning less. Millennials are waiting longer to buy homes, study shows - San Jose Mercury News
July 28, 201511 yr Can't see too many younger people being able to afford buying given the job market for them over the past several years. Under and unemployment hitting them hard. Add in school loans and I could see them waiting.
July 28, 201511 yr Can't see too many younger people being able to afford buying given the job market for them over the past several years. Under and unemployment hitting them hard. Add in school loans and I could see them waiting. That was my assumption as well but it doesn't look like that age group has changed in % significantly.
July 28, 201511 yr Author A few years back it was noted by a college councilor that student loan debt was having a specific and measurable impact on home ownership after graduation. But in any case with the current trend we will be at the lowest rate of home ownership since the statistic started being kept by the end of the year.
July 29, 201511 yr Before we get all stressed out, I read an interesting article the other day about WHY people are choosing not to buy, but rent instead, an the reasons had nothing to do with being able to afford it. I'll see if I can find it, but the reasons mirrored my current reasoning. Home ownership meaning success is one of the biggest myths in this country .
July 29, 201511 yr Isn't home ownership historically a "middle class" value. And isn't this the diminishing demographic?
July 29, 201511 yr It is quite expensive to acquire and maintain a house. I can see where renting might be a good alternative for many regardless of whether they could afford home ownership or not. Renting offers benefits and options which are not as readily available to homeowners. I think owning a home will get progressively more expensive as renters and their political power increase. Their legislators will make (tax) laws favorable to renters and not so favorable to homeowners, arguing that homeowners can afford the negative consequences. This will take some time but I think this is where we are headed.
July 31, 201511 yr Author Average age of cars is at new record. Average age of cars on U.S. roads breaks record Can we come with good reasons for people to want to drive old cars like renting housing instead of owning it?
August 1, 201511 yr Average age of cars is at new record. Average age of cars on U.S. roads breaks record Can we come with good reasons for people to want to drive old cars like renting housing instead of owning it? I think the article explains it well. Some are buying new, hut choosing to also keep their old car. For some, the reliability of the car they have is just fine, so they see no need to buy a new one. I don't see either as a negative. I was just thinking the other day how much I love my car, and I was thinking I may just keep it when it's paid off and buy a 4WD vehicle for winter driving in inclement weather. I have a need for that, but I don't want to drive a 4WD all the time for several reasons. Or, I may not buy a 2nd vehicle at all. But as long as my current vehicle runs reliably I won't be looking to trade it in when it's paid off. It's a really great car.
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