State With Highest Homeownership
October 13, 2011 by staff
State With Highest Homeownership, The American dream of home ownership has felt its biggest drop since the Great Depression, with the terrible state by state differences in the percentage of homeowners.
According to recently released 2010 census figures, just over 53 percent of the people of New York houses a state of their own, while at the other end of the spectrum of West Virginia has a rate of home ownership above 73 percent.
Theanlysis by the Census Bureau revealed that the homeownership rate nationwide dropped to 65.1 percent last year.
While the level remains the second highest rate of every decade,anlysts say that the U.S. can not return to its peak in mid boom in housing owned by nearly 70 percent of homes occupied by residents.
The reason: a long-term economic reality of the credit crunch, prolonged loss of employment and reduction of government involvement.
Unemployed young adults are less likely to own, delaying first home purchase to live with Mom and Dad. Middle-aged adults 35-64, the majority of homeowners who were hit with foreclosure or bankruptcy after the collapse of the housing market in 2006, are at their lowest levels of ownership in recent decades.
Measured by race, homeownership gap between whites and blacks is now at its widest since 1960, killing more than 40 years of earnings.
“The changes that are taking place are amazing: the housing market completely crashed and attitudes towards housing are going to rent to own,” said Patrick Newport, economist at IHS Global Insight.
“While 10 years ago, owning a home was the American dream, I’m not sure many people still think that way.”
He noted the papers, now reduced mortgage buyers Fannie Mae and Freddie Mac, which for decades at the behest of government helped enable lending to borrowers with bad credit, many of them minorities.
In a reversal, the Obama administration earlier this year said it would move from a government long in promoting housing for all and instead of directing people with low incomes to rent in your case.
Congress has been considering the possibility of eliminating the federal tax deduction for interest on home mortgages, a popular incentive to buy a house that has been in place since the early 20.
Given the depressed housing values ??would continue for at least another four or five years, now makes more sense in most cases their own rent, Newport said.
Nationally, the rate of home ownership fell to 65.1 percent – or 76 million occupied housing units owned by its residents – from 66.2 percent in 2000.
That drop of 1.1 percentage points is the highest since 1940, when home ownership fell 4.2 percentage points during the Great Depression and a low of 43.6 percent.
Since 1940, the number of American homeowners has risen steadily in each decennial census, due to a booming economy especially favorable tax laws and easier to finance.
The only exception was 1980-1990, when the property was maintained in 64.2 per cent.
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