Despite Many Pundits Talking About Recovery, American Housing Still Lagging
U.S. housing ownership has yet to approach the pre-Great Recession numbers, the United States Census Bureau finds.
The number of Americans who own their home came in at 63.1% for 2016, which is a fair bit lower compared to the pre-recession numbers of 67.2% in 2007. In fact, the numbers have not really climbed all that much from their lowest point during the depths of the U.S. economic collapse.
One of the major causes of the Great Recession was an increase in predatory lending from banks, leading to mass foreclosures across the country and many thousands of Americans losing their homes, while others saw their value tumble as more and more vacant lots began appearing on people’s streets.
It appears that while some metrics show a strong recovery since the recession, many others reveal that inequality continues to grow at an alarming pace and that average homeowners in the U.S. have yet to fully or even partially recover.
The American dream of owning one’s own home is seen as drifting away from the reality for many residents as most hub cities across the U.S. see housing prices rise well beyond what the average American can afford, while the market continues to appreciate, meaning that the longer they wait, the harder it is to get in on the market.
Across the U.S., many Americans are finding it difficult to buy that first home, while others are still struggling to recover since the housing bubble burst in the late 2000s.
In both cases, you have Americans that would like to own homes and get their piece of the American dream but find that the reality is much more troubling.
“HOUSEHOLDS AND FAMILIES 2016 American Community Survey 1-Year Estimates,” United States Census Bureau, last accessed September 15, 2017.