Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Biggest drop in homeownership since the Great Depression – what now?

Prev1 of 2
Use your ← → (arrow) keys to browse

Decline in the American Dream?

We reported that we are in the middle of the most dramatic rise in multi-generational homes in modern times and according to the U.S. Census Bureau, America is also seeing the biggest drop in the homeownership since the Great Depression with the rate of homeownership falling to 65.1 percent in April 2010.

The 1.1 percent drop is the second largest drop since the Great Depression when it dipped 4.2 percent. Pew Research revealed that the hardest hit age group is aged 18 to 29 due mostly to unemployment and underemployment, fueling the migration of younger buyers losing homes to foreclosure and moving in with their parents as well as the age group not having experienced homeownership yet.

Homeownership is not a consistent portrait across the nation with the West only having a 60.5 percent homeownership rate while the Midwest is almost at 70 percent. Some speculate that the non-owners are fueling the rental market while others remember that multi-generational living is on the rise as the stigma disappears while the entire nation endures a failing economy.

Each city is different as well, with D.C. seeing homeownership at less than 42 percent, but the population in the city is a migrant population due to incoming and outgoing government workers and students. West Virginia has the highest homeownership rate at 73.4 percent, representing a much less migratory environment and a stronger economy than say Detroit whose ownership levels are also down.

Advertisement. Scroll to continue reading.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

38 Comments

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.