By Jann Swanson | Mortgage News Daily
While the magnitude isn’t clear, that the growth of renter households has risen far above average in recent years is. The Housing Vacancy Survey reports that the number of these households increased by half a million in 2013 while the Current Population Survey reports nearly double that number. In the fifth part of its report on The State of the Nation’s Housing, the Harvard Joint Center on Housing Studies said either number exceeds the 400,000 annual increase of the past few decades. The report also notes that this increase appeared to slow at the end of 2013 along with the drop in homeownership rates.
Along with growth, there has been a shift in the renter population. The usual groups, young adults, low-income households, and singles have been joined by high-income earners, families with children, and older persons. While those under age 35 account for a quarter of renter growth, renters 55-64 ballooned almost as much.
