Rising Rentership

Last week, we learned that the seasonally-adjusted homeownership rate declined to 63.1%, the lowest level since 1965, yes 1965, and a steep fall from the peak of 69.4% in 04Q2. Since the start of the recession in 01/08, there’s been no meaningful change in the number of owner-occupied houses. By contrast, there’s been a 21% rise in renter-occupied units. The homeownership rate is at or near bottom. Hello Gen-Y!