The U.S. homeownership rate is close to its lowest level since the 1960s. Here’s why.
While the U.S. homeownership rate has climbed slightly since reaching a 50-year low in 2016, it remains near a generational low at just 63.7%. Simply put, more people are choosing to rent than buy their homes in recent years than at any point since the 1960s.
RealtyMogul, an online real estate investment platform, recently commissioned Harris Poll to conduct a survey to shed some light on the reasons why more people are choosing to rent, and here are four major trends that help to explain the shift toward renting.
1. Americans find the homebuying process to be overwhelming
The survey of more than 2,000 U.S. adults found that 71% of Americans believe that the homebuying process is overwhelming.