Is America Shifting From Renting Back to Owning?

Article originally posted on Multifamily Executive on April 30, 2017

The homeownership rate is making a comeback of sorts, MarketWatch staffer Andrea Riquier reports, which may signal America’s shift from renting back to owning homes.

Last week, the Census Bureau said American homeownership was 63.6% in the first quarter, down a bit from the fourth quarter of 2016 but up from a year ago, which is economists’ preferred way of gauging the data.

Trulia chief economist Ralph McLaughlin was pleased with the news and said the number of owner-occupied households rose more quickly than renter households for the first time since 2006. The number of new owner households was up 850,000, compared to a 365,000 increase in the number of renter households.

“This is very optimistic news for those of us who are interested in the homeownership rate,” McLaughlin told MarketWatch. “It’s the first sign we may be pivoting away from renting and back toward ownership.”

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