The majority of U.S. renters are now 40 and older, a fundamental shift over the past decade that reflects the lasting damage of the housing crash and an aging population.
This finding in a report released Wednesday by Harvard University's Joint Center for Housing Studies overturns the assumption that the rental boom is only the result of twenty-somethings flocking to hip urban centers. Single-family houses are a growing share of rentals. And affordability problems are mounting as rents rise faster than wages, while apartment construction increasingly targets tenants with six-figure incomes.
Nearly 51 percent of renters have celebrated their 40th birthday, according to the report's analysis of Census Bureau data. That amounts to 22.4 million households.
A decade ago when the housing bubble peaked in 2005, 47 percent of renters — or 16.4 million households — were older than 40. Their share was 43 percent in 1995.
The increase in older renters corresponds with a surge in foreclosures after the housing bubble popped. Since the 2008 financial triggered by the housing bust, there have been roughly 6 million completed foreclosures, according to CoreLogic, a property data firm.
Many of these are former owners who have transitioned to renting.
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3 comments:
I own a home in Salisbury that I rent out. Can't sell it unfortunately. But I rent a home elsewhere. I will never buy another home once I sell the one.WHY?? YOU don't get much of a write-off plus you don't have to fix ANYTHING.
can't wait to sell my house and stop (personally) paying real estate taxes - yes, I know, when I pay rent the amount of rent will be calculated with the inclusion of the owner's cost of real estate taxes, but the real estate tax bill will not be in my name - it is a small consolation, but I don't have many others these days........
Dumber than you look.....
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