- Home ownership rates in the United States are at a 15-year-low, slipping to 65.4 percent. Reuters reports:
“You are seeing the perfect storm of age, financing and the business cycle coming together to push down the homeownership rate,” said Steve Blitz, chief economist at ITG Investment Research in New York.
The homeownership rate, which was measured at 66.0 percent in the fourth quarter of 2011, peaked at 69.4 percent in 2004 at the height of a housing market boom fueled by cheap credit.
The collapse of the U.S. housing market bubble triggered the 2007-09 recession. With house values tanking, many – especially the younger generation – are rethinking the so-called American dream of owning a home.
Rochester has certainly seen a dip. Here are first-quarter home ownership rates over time:
- 2007: 74.1
- 2008: 73.4
- 2009: 70.5
- 2010: 68.4
- 2011: 73.4
- 2012: 67.5
Even with Rochester’s relatively stable housing prices, a greater percentage of the population has been able to afford buying a house.
- An out-of-town visitor to Rochester left thinking our city is horrible. The woman wrote to the Democrat and Chronicle about seeing Jersey Boys and coming out to find her car window smashed. She was shocked police would only take a report over the phone. Welcome to the urban life.
- The RCSD’s deputy superintendent is leaving to join Jean-Claude Brizard in Chicago.
- The state might drop the global history exam requirement. Teachers are mad.
- Could police departments one day be able to fly drone aircraft to monitor neighborhoods?