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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 was very helpful with respect to the hunt and purchase of my home in Green Valley. I valued his input as far recommending homes and all the additional info as far as resources in the area. He had to deal with me being in Pennsylvania and handling most of the work long distance. He reviewed the potential homes based on my wants/needs and continually send me lists and updates. By the time I got to Arizona on vacation we went thru the list, visited sites and made a choice in one day. I would gladly recommend Russ to any possible client in the future. Can’t thank him enough. "
- M.F., Green Valley AZ
"We were out-of-town buyers and bought our condo sight unseen. First time ever we did this but Russ helped us every step of the way. He sent us videos of the condo, showed the condo to our friend who lives in Green Valley, set up home inspections, and explained differences in Arizona real estate laws/processes to us clearly. He also sent us a timeline on when specific tasks needed to be completed, and he was always available to discuss questions or concerns. We never felt pressured – only felt that we were working with a professional who was looking out for our best interests. We would use him again in a heart beat!"
- J.S., Green Valley, AZ
"Could not have had a better Realtor. Property was part of an estate and Russ knew exactly how to take care of everything. Up on values, very helpful and constantly kept me informed with all problems and progress. I am out of state and felt very comfortable with him handling the sale. "
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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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