Homeownership Falls, Renter-Occupied Homes Rise

The number of Americans who own their homes fell to 65 percent in Q1, 2013, down from 65.4 percent the first quarter of 2012, and the lowest level since the third quarter of 1995. While it peaked at 69.2 percent in June 2004 because of easy credit, Paul Diggle of Capital Economics in London expects the rate to fall throughout 2013 as investors continue to take advantage of low interest rates, which pushes up prices and puts more rentals on the market. As BloombergBusinessweek tells MHProNews, the National Association of Realtors (NAR) reports the number of homes on the market fell 16.8 percent from a year earlier. While the Census Bureau says owner-occupied houses fell from 74.6 million Q1 2012 to 74.5 million this past quarter, renter-occupied homes increased to 40.1 million from 39.5 million a year ago. Overall, occupied residences rose one half million to 114.6 million Q1 2013 over Q1 2012.

(Image credit: rentdirect)

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