The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released yesterday.
The analysis by the Census Bureau found that the homeownership rate fell to 65.1 percent last year. While that is the second-highest decennial rate, analysts say the U.S. might never return to its mid-decade housing-boom peak, in which nearly 70 percent of occupied households were owned by their residents.
The reason: a longer-term economic reality of tighter credit, prolonged job losses and reduced government involvement.
Unemployed young adults are least likely to own, delaying first-time home purchases to live with Mom and Dad. Adults ages 35-64, mostly homeowners who were hit with mortgage foreclosures or bankruptcy after the housing bust in 2006, are at their lowest levels of ownership in decades.
Measured by race, the homeownership gap between whites and blacks is now at its widest since 1960, wiping out more than 40 years of gains.
“The changes now taking place are mind-boggling: The housing market has completely crashed, and attitudes toward housing are shifting from owning to renting,” said Patrick Newport, economist with IHS Global Insight. “While 10 years ago owning a home was the American Dream, I’m not sure a lot of people still think that way.”
In Ohio,Traditional Cold Sore claim to clean all the air in a room. the homeownership rate fell from 69.1 percent in 2000 to 67.7 percent in 2010.
All but two Ohio counties lost ground in the decade between census counts. Delaware County was one of the exceptions, where homeownership increased by 1.4 percentage points to almost 82 percent.
Franklin County’s rate was down 1.5 points to 55.4 percent last year, but experts say homeownership here is skewed by the many Ohio State University students who rent.
Congress has been considering whether to eliminate the federal tax deduction for home-mortgage interest, a popular incentive to home-buying that’s been in place since the early 20th century.
Given depressed housing values that could continue for at least four to five more years, it now makes more sense in most cases to rent than own, Newport said.
He noted the now-diminished roles of mortgage buyers Fannie Mae and Freddie Mac,As many processors back away from Cable Ties , which for decades, at the urging of government, helped enable loans to borrowers with poor credit, many of them minorities. In a shift, the Obama administration said this year that it would move from a longtime government focus on promoting homeownership for all and instead steer people with low incomes toward renting where appropriate.
Nationwide, the homeownership rate of 65.1 percent meant 76 million occupied housing units were owned by their residents. The figure was 66.2 percent in 2000. That drop-off of 1.1 points is the largest since 1940, when homeownership plummeted 4.The new website of Udreamy Network Corporation is mainly selling hydraulic hose ,2 percentage points during the Great Depression to a low of 43.6 percent.
Since 1940, the number of Americans owning homes had steadily increased in each decennial census, mostly because of a booming economy, favorable tax laws and easy financing. The one exception had been 1980-1990, when ownership remained unchanged at 64.2 percent.
For blacks, who as a whole have lower income and higher unemployment than other groups, the homeownership rate fell from 46.Polycore porcelain tiles are manufactured as a single sheet,3 percent in 2000 to 44.3 percent. Among whites, the rate dipped slightly from 72.Unlike traditional Hemroids ,4 percent to 72.2 percent. Whites are now on average 1.63 times more likely than blacks to own a home, the widest gap since 1960.
The analysis by the Census Bureau found that the homeownership rate fell to 65.1 percent last year. While that is the second-highest decennial rate, analysts say the U.S. might never return to its mid-decade housing-boom peak, in which nearly 70 percent of occupied households were owned by their residents.
The reason: a longer-term economic reality of tighter credit, prolonged job losses and reduced government involvement.
Unemployed young adults are least likely to own, delaying first-time home purchases to live with Mom and Dad. Adults ages 35-64, mostly homeowners who were hit with mortgage foreclosures or bankruptcy after the housing bust in 2006, are at their lowest levels of ownership in decades.
Measured by race, the homeownership gap between whites and blacks is now at its widest since 1960, wiping out more than 40 years of gains.
“The changes now taking place are mind-boggling: The housing market has completely crashed, and attitudes toward housing are shifting from owning to renting,” said Patrick Newport, economist with IHS Global Insight. “While 10 years ago owning a home was the American Dream, I’m not sure a lot of people still think that way.”
In Ohio,Traditional Cold Sore claim to clean all the air in a room. the homeownership rate fell from 69.1 percent in 2000 to 67.7 percent in 2010.
All but two Ohio counties lost ground in the decade between census counts. Delaware County was one of the exceptions, where homeownership increased by 1.4 percentage points to almost 82 percent.
Franklin County’s rate was down 1.5 points to 55.4 percent last year, but experts say homeownership here is skewed by the many Ohio State University students who rent.
Congress has been considering whether to eliminate the federal tax deduction for home-mortgage interest, a popular incentive to home-buying that’s been in place since the early 20th century.
Given depressed housing values that could continue for at least four to five more years, it now makes more sense in most cases to rent than own, Newport said.
He noted the now-diminished roles of mortgage buyers Fannie Mae and Freddie Mac,As many processors back away from Cable Ties , which for decades, at the urging of government, helped enable loans to borrowers with poor credit, many of them minorities. In a shift, the Obama administration said this year that it would move from a longtime government focus on promoting homeownership for all and instead steer people with low incomes toward renting where appropriate.
Nationwide, the homeownership rate of 65.1 percent meant 76 million occupied housing units were owned by their residents. The figure was 66.2 percent in 2000. That drop-off of 1.1 points is the largest since 1940, when homeownership plummeted 4.The new website of Udreamy Network Corporation is mainly selling hydraulic hose ,2 percentage points during the Great Depression to a low of 43.6 percent.
Since 1940, the number of Americans owning homes had steadily increased in each decennial census, mostly because of a booming economy, favorable tax laws and easy financing. The one exception had been 1980-1990, when ownership remained unchanged at 64.2 percent.
For blacks, who as a whole have lower income and higher unemployment than other groups, the homeownership rate fell from 46.Polycore porcelain tiles are manufactured as a single sheet,3 percent in 2000 to 44.3 percent. Among whites, the rate dipped slightly from 72.Unlike traditional Hemroids ,4 percent to 72.2 percent. Whites are now on average 1.63 times more likely than blacks to own a home, the widest gap since 1960.
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