Rising Rent Affecting Homeownership Rates

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January 23, 2015

Rent prices rose 3.3 percent in December 2014 year-over-year, putting more financial pressure on renters, the Associated Press reports.
 
The recession saw a decline of homeowner share to 64.4 percent of the total population from the 2004 peak of 69.2 percent. Since 2000, the rental average has risen 52 percent, while incomes of renters have only increased 25 percent. Analysts see this trend as hurting the housing market, as fewer renters can save up to purchase a home.
 
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