Skip to comments.America is so over homeownership: Why the shift to a renting economy might actually be a good thing
Posted on 08/31/2014 7:53:15 PM PDT by SeekAndFind
Between 1970 and 1990, the population of Philadelphia shrank by a quarter, dropping from 1.95 to 1.59 million. Like many American cities, it seemed caught in a downward spiral.
Since then like many American cities Philadelphia has stabilized. The population now appears to have bottomed out at the millennium, and has been regaining residents over the past decade. But as it rebounds, Philly is becoming a different kind of city.
In the two most recent decades, which comprise the bounce of the citys population curve, owner-occupied housing dropped even more steeply than in the 70s and 80s. Between 2000 and 2012, the percentage of Philly houses and apartments inhabited by owners dropped from 59 to 52, the second-sharpest decline among big U.S. cities during that time.
Meanwhile, renter-occupied housing exploded. More units are rented today in Philadelphia than in 1970, despite 400,000 fewer residents. According to a report from Pew Charitable Trusts, the size of the Philadelphia rental stock has grown by 37,000 since the millennium a gain of more than 10 percent.
Philadelphia is a concentrated case of a larger trend in American housing: We are increasingly renting instead of buying our homes. Rental household growth is rising at double the rate it has in previous decades. Developers are building more multi-family units than they have in years. Last month, the homeownership rate fell to a 19-year low, down to 64.7 percent from a peak of 69.2 percent in 2004.
(Excerpt) Read more at salon.com ...
Right. So if a population has no savings or investments, we can ensure that the third leg of the stool, equity, is also non-existent.
You need to live in densely packed cities, in high-rises so we can control your ass!
Signed, the Obama Administration and the Soros Project
The American Dream was overrated anyway... < /sarc >
America demands Justice for the Fallen of Benghazi!
So Salon thinks that financial independence is undesirable.
Somehow I’m not surprised.
Actually, we need faceless, cold apartment buildings controlled by the government who allots them out, first to good party members and then to others. See how welcoming and warm the will be by referencing North Korea, Russia and other workers paradises.
aye forget about the kids which you have, and they can inherit or live there , forget about having your own place. The American dream is now obamas dream which is to rent and never own
And how many of those “rentals” are Section 8 government subsidized? You can probably trace a direct correlation between growth of Section 8 housing and flight of home owners out of particular communities. Good luck on getting those stats from the government though.
The Obama’s promised to destroy the American dream and succeeded
or as Michele Obama called it “middle-classism”
Liberal elites gush over renting... and a ‘brown’ county... and not having ‘stuff’. It’s a fashion statement. Kind of like being ‘groovy’ was to the sixties. Shallow and ‘in’... superficial and silly... very ‘salon’.
Landlords can be demonized and taxed. Prop 13 in California wiping out a huge tax base would not have succeeded in a rental economy.
Tenants can be gifted with rent controls.
My 3100 sf home was the smallest in the neighborhood
People care for homes they own...they don’t care for homes they rent.It’s that simple.Home ownership has been one of the main driving forces of prosperity here for 60+ years.
What a pant load. People aren’t buying because their credit is bad or non-existent, and they can’t afford downpayments. And they can’t count on keeping a job more than a year.
Well, with all of those combined credit and salary problems, how can they even afford to rent anything? What landlord will even consider them as tenants?
Home owners are stable, and less likely to vandalize, steal, rob, and do other stupid stuff.
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