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Steep Decline in Homeownership, Home Building Predicted

Posted by: Tim Halbur

11 August 2009 - 10:00am

A new report shows that as the population of the U.S. ages, it is likely that more people will rent than own homes, causing a steep decline in the home building industry.

The report is from the Metropolitan Research Center at the University of Utah, and is called "The New Urbanity: The Rise of a New America" (not available online as of 8/10/09).

The concludes that the homeownership rate will fall to 63.5% by 2020.

"This has significant implications for planning and homebuilders. If Nelson is correct, there will be a dramatic shift towards a "new urbanity" and away from suburbs. And also a shift towards more renting."

Full Story: Research on Homeownership Rate through 2030
Source: Calculated Risk, August 9, 2009
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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