New study names root causes for depressed homeownership rate in U.S.
Despite steadily improving local job markets and historically low mortgage rates, the U.S. homeownership rate is stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages. That’s according to findings in a new white paper released in recognition of National Homeownership Month at the National Association of REALTORS Sustainable Homeownership Conference.
Five main barriers that have prevented a significant number of households from purchasing a home include: post-foreclosure stress disorder; mortgage availability; the growing burden of student loan debt; single-family housing affordability; and single-family household supply shortages.
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