Homeownership Takes Biggest Drop Since Great Depression

Homeownership

The U.S. Census Bureau just released a report that showed the homeownership  rate in the U.S. fell to 65.1 percent last year. This is the largest drop since the Great Depression! Now, many believe the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents.

Also, some are speculating that there is a shift going on where the American dream of homeownership is fading in favor of the idea of the flexibility that renting provides.

Here in San Diego, I would venture to guess that the vast majority of home purchasers from 2005 through 2010 would have been far better off, at least financially if instead of purchasing a home, they had rented one here in San Diego during this time. Read more