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Homeownership Drops Lowest In Decades

homeownership drops lowest in decadesIt is no secret that owning a home has become difficult for many in recent years. Ever since the housing bubble crash a few years ago, it continues to be a struggle for many people. Foreclosure rates have slowed down, but the rate of loans has slowed. A new report suggests homeownership drops lowest in decades. A deeper look reveals some of the factors behind the decline.

Homeownership Drops Lowest In Decades

The percentage of households that own rather than rend has fallen significantly since 2005. It is reported that the rate of homeownership in 2016 was the lowest it’s been since 1965. Only 62.9 percent in the second quarter of 2016 shows some marked changes from years past. Economists are not only concerned with the current low levels, but also worry it may never recover to the peak  levels of the mid-90s and early 2000s.

Why the decline?

First, the peak rate of homeownership is due to demographics. At that time, the age of the population 45 and over grew by 2.4%. A good age range for being financially stable for homeownership. At the same time the age of the population 16 to 44 grew by only 0.3%. These skewed growth rates among age groups continued to present day. Older individuals are better positioned for homeownership. As those in the lesser age group aged into the 45+ category, there simply wasn’t as many of them as in previous years. As the age group grew smaller, so did the rates of homeownership.

Another reason has to do with the foreclosure rates of the housing crash. Simply speaking, many people haven’t recovered from that experience. Many have had continued problems with employment. Others haven’t been able to bring their credit report out of the dark hole of foreclosure.

Whether you are facing foreclosure problems or trying to recover from other debts, contact Sacramento bankruptcy attorneys. We can fight to save your home or discuss your debt relief options.

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