One of the defining characteristics of the Great Recession was a long period of declining homeownership. Since its peak at 69.2% during 2004, the homeownership rate declined through 2016, reaching a post-recession low of 62.9%. In recent years, the share of homeowning households gradually increased, albeit with notable declines during the first half of 2019 due to housing affordability and mortgage interest rate challenges.
While the current seasonally adjusted annual rate of homeownership of 64.7% is an improvement over years past, it is below the average rate of 65.6% that had prevailed since 1980. Combined with ongoing challenges with saving for a down payment, there’s a growing number of households for whom apartment living does not suit their family needs but for whom homeownership remains impractical.
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