Troubled home market creates generation of renters

[marmar]

WASHINGTON (AP) -- A growing number of Americans can't afford a home or don't want to own one, a trend that's spawning a generation of renters and a rise in apartment construction.

Many of the new renters are former owners who lost homes to foreclosure or bankruptcy. For others who could afford one, a home now feels too costly, too risky or unlikely to appreciate enough to make it a worthwhile investment.

The proportion of U.S. households that own homes is at its lowest point since 1998. When the housing bubble burst four years ago, 31.6 percent of households were renters. Now, it's at 33.6 percent and rising. Since the housing meltdown, nearly 3 million households have become renters. At least 3 million more are expected by 2015, according to census data analyzed by Harvard's Joint Center for Housing Studies and The Associated Press.

All told, nearly 38 million households are renters. ............(more)

The complete piece is at: http://finance.yahoo.com/news/Troubled-home-market-creates-apf-425345027.html?x=0

[theophilus]

1. There's nothing wrong with renting. I wish folks could rent nice affordable

places in downtown areas. Ecologically sound and can revitalize many cities. IMO.

[Uben]

2. I have apartments and rental homes.

I haven't noticed any substantial rise in occupancy rates in the past 20 years. Some years are better than others, but they always have been. I have considered selling my home in a few years and renting because I won't be able/don't want to do the maintenance. It has definite advantages. In this day and age, some people have to be able to uproot and move to a place where their job takes them. On the other hand, I have tenants who have been with me for 20 yrs! Buying a home today is a bigger risk than in the past. Look at the foreclosure rate........nuff said.