Next City chats with Zillow’s chief economist Stan Humphries about the current state of the U.S. housing market.
To kick off the discussion, Next City fellow Alexis Stephens asks Humphries about the headlines that say the U.S. is becoming a nation of renters.
“Our belief is that empirically, we are not becoming a nation of renters. Right now our homeownership rate is in the 63 percent range,” Humphries tells Next City. “Historically since the mid-1960s the homeownership rate has been 63, 64 percent, on average. It may go a bit lower, but I doubt the rate will go lower than 63 percent.”