U.S. Homeownership Rate Lowest Since 1965
"The U.S. homeownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters," reports Prashant Gopal.
According to a new report from the U.S. Census Bureau, the share of Americans who own their homes has fallen to 62.9 percent, which, Gopal notes, is the lowest since 1965.
"The drop extends a years-long decline from the last housing boom, in part because of tight credit and a shift toward renting in the aftermath of the crash," adds Gopal for an explanation of the historic trends. The homeownership rate peaked as recently in June 2004, at 69.2 percent.