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You are here: Home / Blog / Market Trends

Report: Housing demand shifting from renting to owning

June 22, 2018

Housing demand shifting from renting to owning

If you needed further confirmation that home ownership is becoming a more attractive option than renting to people across the country, just ask Harvard.

According to the recent State of the Nation’s Housing report from the Joint Center on Housing Studies of Harvard University, the national home ownership rate increased for the first time in 13 years (from 63.4% in 2016 to 63.9% in 2017). The number of homeowners has risen an average of 710,000 per year over the past two years.

At the same time, the demand for renting has significantly slowed down. While growth in the number of rental households from 2000 – 2015 was at an average of 850,000 per year, that number dropped dramatically in 2015 – 2017 to just 220,000. The national rental vacancy rate also rose for the first time since 2009 (from 6.9% to 7.2%).

As renting continues to become more unaffordable in markets across the country, more people are finding home ownership to be the best (and often times more affordable) housing option for themselves and their families.

Filed Under: Market Trends Tagged With: Rent vs. Own

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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