While renters occupied a decade-high 36.3% of households last year, home ownership dropped to 63.65% from 69% ten years ago according to a recent Census Bureau report. Forbes staffer Shreya Agarwal takes a look at who's behind this trend--it is not the often-blamed millennials but rather people in their mid 30's to mid 40's.
This group saw the largest decline in home ownership, falling from 67% in 2007 to 58% in 2015. This can be attributed to their age and circumstances during the recession:
Many in this bracket were in their late 20′s and early 30′s when the recession hit. These then-new buyers had access to cheap credit which made homes more affordable. As the value of homes dropped owner’s equity wiped out causing foreclosures. More owners became renters, and as the rents soared in the following years, their savings fell. Meanwhile, credit dried up and their chances of recovering and buying another home shrunk.