The market has made great strides but homeownership rate continues to fall
By Marian McPherson | inman
The Joint Center for Housing Studies released its 2016 State of the Nation’s Housing report, detailing issues such as the lack of affordable housing, income inequality and steadily dropping homeownership rates.
According to the study, the homeownership rate dropped 5 percentage points from the 2004 peak of 69.0 percentage points.
For those who are looking to rent as an alternative to homeownership, the picture isn’t pretty. More than 21 million renters spend more than 30 percent of their income on rent.
The JCHS panel says we have viable solutions to these issues, but the lack of funding allows these problems to persist. The panel suggested state and local entities work together to help their communities and that voters need to hold their leaders accountable for housing legislation.
