June 25th, 2015
In one week, my family will no longer be homeowners. We are downsizing.
With daughter #1 leaving the nest this year, and daughter #2 all set to move to your campus in 2017, our family's housing requirements have evolved.
In our move from homeowners to renters ,we are adding our single data point to a larger national trend. Household homeownership rates have fallen from a peak of 69 percent in 2004 to below 64 percent today.
In More Americans Are Renting, and Paying More, as Homeownership Falls, the NYTimes reports this shift from owning to renting as a worrying trend. Referencing the growing costs of renting (up 3.2 percent lasty yea), as rental supply has not kept up with the demand, the Times worries that the decline in homeownership has left, “millions of Americans unwillingly stuck in rental housing”.