According to Freddie Mac’s October 2011 Economic Outlook, the number of households that rent increased by four percent in the first three quarters of the year over the same period in 2010.
Comparing the first three quarters of 2011 to the first three quarters of 2010, the Census Bureau found…
- 800,000 new households were formed in the U.S.
- 600,000 homeowners became non-homeowners
- 1.4 million households moved into rentals
Freddie Mac points out, though, that while some of the increase in rentals can be attributed to homeowners moving to rentals (thanks to, say, foreclosure), more of the rentals are “young and newly formed households who have decided to
postpone homeownership in favor of renting during unsettled economic times.”
Over the past year…
- The total U.S. homeownership rate has fallen about 1.5 percent
- The homeownership rate for those under 25 has fallen by 4.4 percent
- The homeownership rate for people 25-29 has fallen by 7.0 percent
Click here to read the full Freddie Mac report (short PDF).