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July 28th, 2015

Home Ownership Falls to 48-Year Low

Categories: Construction Industry News, Grand Rapids Area New Homes |

Grand Rapids New Home Starts-800

US Census today reported that home ownership in the US dropped to 63.4%.  This is the lowest mark since 1967.  Average rate of home ownership over the past 50 years is 65.3% and the peak before the housing recession was 69.2%.  Rental home construction has risen sharply in recent years and single family home starts are rebounding, but not as quickly.  For West Michigan, in Grand Rapids, new apartment starts have doubled since last year.  So housing construction today is a mix of new single family homes and apartments, skewed more then usual to apartments.  I still believe that the American Dream is alive and well, but increases in student loan debt, vehicle costs, and general cost of living are delaying home purchases for young families.  Also, I think it is important to ask, if home ownership peaked right before the recession, what could happen after a home ownership bottom…?

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