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It has been called the Big Selloff—America is headed toward a future in which fewer people own their homes. The effective homeownership rate stands at 62% percent, according to a 2010 report by the New York Federal Reserve.
As more people move from owning to renting, apartment vacancy rates have fallen fast, from 8% in 2009 to 5.6% in third quarter 2011. The trends on renting apartments and townhomes in Lynchburg is no exception.
Those trends are just the beginning, the US is becoming a nation of renters and home ownership will keep falling. And some experts say that could be good for the country.
This dramatic change, triggered by the 2008 housing collapse, has shifted people’s views of home ownership. The number of those who consider a home a safe investment fell from 83% in 2003 to 66% this year, according to a survey by Fannie Mae. In another poll last April, 40% of renters questioned said they plan never to buy a home. Another reason for this is that many baby boom retirees don’t want the burden of home repairs, rising property taxes and other responsibilities.
For more information on renting a townhome in Lynchburg, contact Old Mill Living.
Original article- the Fiscal Times
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