baltimoresun.com

« Fannie Mae weighs in | Main | Latest personal info leak is mortgage-related »

April 29, 2008

Homeownership rate heading downward

The share of people who own their homes has been steadily falling during the slump as more turn to renting -- either by choice or necessity. The homeownership rate is now at 2002 levels, according to numbers put out this week by the Census Bureau:

HomeownershipRateSmall2.jpg

In case you're squinting at the figures (sorry),  the chart follows the rate during the first quarter of the years 1968-2008. It peaked in 2005 at 69.1 percent and is now at 67.8 percent.

A variety of industry experts and economists have suggested that the homeownership rate got too high during the boom, pushed upward by loose lending and a political focus on turning renters into owners.

The downward trend of the last few years isn't as steep as the falloff during the early- to mid-1980s, when high interest rates (as in 18 percent in some months) made buying difficult. It's not over until it's over, of course.

Posted by Jamie Smith Hopkins at 5:22 PM | | Comments (0)
        

Post a comment

All comments must be approved by the blog author. Name-calling aimed at other commenters is not welcome here. Please do not resubmit comments if they do not immediately appear. You are not required to use your full name when posting, but you should use a real e-mail address. Comments may be republished in print, but we will not publish your e-mail address. Our full Terms of Service are available here.

Verification (needed to reduce spam):

About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
-- ADVERTISEMENT --

Most Recent Comments
Baltimore Sun coverage
Baltimore Sun Real Estate section
Archive: Dream Home
Dream Home takes readers into the houses of area residents who have found their ideal home.
Sign up for FREE business alerts
Get free Sun alerts sent to your mobile phone.*
Get free Baltimore Sun mobile alerts
Sign up for Business text alerts

Returning user? Update preferences.
Sign up for more Sun text alerts
*Standard message and data rates apply. Click here for Frequently Asked Questions.
  • Sign up for the At Home newsletter
The home and garden newsletter includes design tips and trends, gardening coverage, ideas for DIY projects and more.
See a sample | Sign up

Charm City Current
Categories
Stay connected