After more than a decade of declines, the U.S. homeownership rate appears to have stopped falling, at least for now, Apartment List Rentonomics recently reported. Should the rate stand pat, or even start to rise, that will have implications for multifamily rental properties.
After years of decreases from the 2004 high of 69.2 percent, the homeownership rate appeared to have bottomed out in the second quarter of 2016, when the rate hit 62.9 percent. That was the lowest homeownership rate since 1965, but was still significantly higher than at the first half of the 20th century—especially before the invention of the 30-year mortgage—when the rate was well under 50 percent.
Read more...Economy Watch: Apartment Market Fundamentals Beginning to Shift
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