The Fading Dream of Home Ownership

Washington Post: “The housing bust turned a lot of homeowners into renters … As a result, the national homeownership rate has dropped since the peak of the bubble in 2005, by about five percentage points. That decline, though, has been notably concentrated among certain groups: Hispanics, men, older millennials, and people living in certain unlucky corners of the country.”

“These demographics are the most likely to have ‘lost the American dream,’ as an analysis by housing website Trulia puts it. The renter rate is up in every large metropolitan area in the country since 2006, according to American Community Survey data (the study looked at the 50 largest metros, minus a handful with insufficient data). Within those metros, it’s risen the most for these groups. The Hispanic renter rate rose by 8.7 percentage points … For 26-to-34 year-olds, it rose by nearly 11 percentage points.”

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