The foreclosure crisis and the Great Recession have paved the way for a steady decline in homeownership. Many cities will never be the same.
Patrick Clark reports: "Fifty-two of the 100 largest U.S. cities were majority-renter in 2015, according to U.S. Census Bureau data compiled for Bloomberg by real estate brokerage Redfin."
The data show the culmination of a decade of declining homeownership rates," as the foreclosure crisis turned millions of owners into renters and tight housing markets made it hard for renters to buy homes."
According to Clark, 20 of the cities now populated by a renter majority switched from a homeowner majority since 2009.
Homeownership did pick up in the second half of 2016, according to Census data, but Clark cites a 2015 report from the Urban Institute that predicts rentership will continue to rise until 2030 [pdf].
Clark concludes the article by noting the unique challenges that will face cities with majority renter populations.
FULL STORY: Renters Now Rule Half of U.S. Cities
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