It has been almost a decade since the housing bust, and homeownership is still waning and renting is on the rise, writes The Wall Street Journal reporter Laura Kusisto.
An analysis of the American Community Survey prepared by housing economist Jed Kolko found that the homeownership rate fell to 63.1 percent in 2014, down from 63.4 percent in 2013. Homeownership reached a peak of 69.4 percent in 2004, and has fallen steadily ever since.
As homeownership falls, single-family renting continues to increase, The number of single-family rental households grew by 2.1 percent from 2013 to 2014, while the number of households occupying multifamily rentals increased by 1.8 percent.
