CityLab staffer Kriston Capps takes a deep dive into the latest rental and homeownership data from the Census Bureau.
The rental market is red hot, with the median gross rent more than $1,000 in 182 counties. On the homeownership side, things are flat. There wasn't much change in the homeownership rate and costs are falling in many places.
More renters should be buying homes. It would be the cheaper option for a lot of them. Except for in the cities where housing prices are simply soaring (New York, San Francisco, and Washington, D.C., to name three), more renters ought to be availing themselves of homeownership, writes Capps.
But, there may be some compelling reasons why people are not buying.