Home Ownership Rate Falling | Renting, New American Dream?

January 31, 2011

Is the new (updated and revised) American Dream…home renter-ship?

Consider this:

* Increasing demand for rentals…specifically, residential rentals. I would suggest that NOW is a great time to purchase buy and hold rental property. Assuming the trend continues towards renting there will be a significant continued demand for single family homes.(or condos). Rental prices are on the rise..going forward there is little question that single family homes will be great investments. Given the choice, people will always choose a single family home (or condo) over a traditional apartment complex.

* Home ownership rate is declining. 66.5% vs 69.4% just a few years ago.

* The number of vacant homes has INCREASED to 2.7% from 2.5%…and now the big number…

* Number of vacant homes…18,000,000. How many of these homes are vacant because the owners are doing some form of strategic default (short sale or just walking away) is unknown.

* Number of homes taken back by the banks in the last few months…nearly 500,000.

What do you think about this trend? Are people gun shy on buying homes….have younger people decided that owning a home with a mortgage is simply too risky? Watch this video and let us know what you think..

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Home Ownership Rate Falling | Renting, New American Dream?

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