US Rents Hit Record Highs As Homeownership Plunges To 18 Year Lows
Submitted by Tyler Durden on 07/30/2013 11:01 -0400
The American Homeownership Dream is officially dead. Long live the New Normal American Dream: Renting.
According to the latest quarterly homeownership data released by the Census Bureau, the raw homeownership rate of 65.0% was unchanged from last quarter and 0.4% lower than a year ago. And on a seasonally adjusted basis (not sure why homeownership is adjusted for seasons: people who live in a house in the winter generally live under a bridge in the summer?), the percentage of Americans who have a house declined from 65.2% to 65.1%: the lowest since 1995.
