Younger Americans Hardest Hit by Shifts in Homeownership and Housing Costs

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Posted To: MND NewsWire

While the Census Bureau has noted the decline in homeownership over the last few years, the latest edition of Fannie Mae's Housing Insights looks inside the figures. Fannie Mae's economists found that the decline in the homeownership rate over the last four years has been particularly pronounced for young households and that single-family rental housing, with its high average rates, has absorbed a disproportionate share of new rental demand. Five years after the start of the housing bust American households continue to shift from homeownership to being renters. In 2011 the homeownership rate fell by 1 percent, the fourth consecutive annual decline and is now 64.6 percent compared to 67.2 percent in 2007. This is the lowest rate recorded by the Census Bureau's American Community Survey (ACS...(read more)

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Source: www.mortgagenewsdaily.com

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