Despite US population growth of roughly 1 percent per year, the number of owner households has held steady, in the range of 75 million since 2007, while the number of renter households has increased from 35 million in 2007 to nearly 40 million today.
This means that the historic proportion of 1/3 - 2/3 tenants - owners in the US is loosing ground.
Some of the reasons are:
- loss of home because of the crisis,
- difficulty to refinance,
- Some renters who would like to take advantage of today's favorable prices and interest rates are finding credit standards too tight to obtain financing.
Here is the evolution over time, nationwide:
In France, that proportion is about opposite: about 1/3 owners, and 2/3 renters.
If you are coming from another Country, let me know what is that proportion where you are coming from!
PS: in California, the homeownership rate has gone down regularly since 2008 and is now about 54%.
Current Mortgage rates
Non-profit organization worth noting: Partners for New Generations.