More Americans Rent as Housing Prices Rise
Experts are saying that the rising cost of homes across the nation has created a growing class of renters.
From Breitbart. Major investors are buying more housing because they expect to gain from rising rents and escalating house prices, creating a growing class of renters in America.
Bloomberg reported on remarks made by Barry Sternlicht, chairman of the real estate investment firm Starwood Capital Group, at a recent event.
“You’re seeing a squeeze and now they’ll have to rent because they can’t afford to buy,” Sternlicht said in an interview Friday at Bloomberg Power Players Miami….
According to the iPropertyManagement website, housing statistics were reported on last month. Statistics included:
• Homeowner vs. renter statistics reflect a decline in homeownership, with 35 percent of American households renting their home.
• In the last financial quarter of 2021, the nationwide homeownership rate was 65.5 percent, a 0.5 percent decline year-over-year (YoY).
• 44.1 million households rent their homes.
• The median household wealth among homeowners is 3,965 percent higher than it is among renters.
• Excluding home equity, household wealth among homeowners is 1,469 percent higher than it is among renters.
• Renters are 89.9 percent more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).
• The renter:owner ratio is 50.1 percent, its lowest since 2010 (49.56 percent)….
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(Excerpt from Breitbart. Photo Credit: Canva)
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