Thursday, November 15, 2007

Falling Homeownership Rate

Dean Baker points out that the homeownership rate has been falling, and is now at 2003 levels. It'll be interesting to see how much this falls. Aside from everything else, this recent housing boom probably convinced lots of people who shouldn't have really wanted to own a home, absent the belief in incredible investment returns, that they had to buy. Renting is a wise choice for lots of people, especially those who are relatively mobile and don't have strong expectations of staying in one place for more than a couple of years.