According to recent Census data analyzed by the Mortgage Bankers Association, owner-occupied households saw an increase of 1.6 million in 2018, marking the largest annual increase since 2004. In addition, they said that after nine years of mostly contraction in owner-occupied households, 2018 was the 3rd straight year of growth.
“From 2007 to 2016, which covers the housing market downturn and Great Recession, as well as several years of a slow-growing economy, renter household growth exceeded owner-occupied household growth. This is one main reason why the homeownership rate declined, as foreclosures and short sales, the contracting economy, shifting housing preferences, and other economic factors pushed more households to rent.”
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