Renting: the new American dream? - Cleveland 19 News Cleveland, OH

Renting: the new American dream?

Home ownership at 48-year low (Source: WOIO) Home ownership at 48-year low (Source: WOIO)
NORTHEAST OHIO (WOIO) -

Home ownership used to be the American dream. According to the latest numbers from the U.S. Commerce Department, the number of people purchasing homes is just under 64 percent.

That is a 48-year low.

"I think during the recession a lot of people got comfortable with renting," said Mark Lastition of Howard Hanna.

Lastition says he has definitely noticed the trend.

"The millennials 18 to 34 there was a recent survey that came out that said 74 percent of them intend to buy a house in the next five years," Lastition said.

In other words, the number of renter households in the U.S. has gone up by two million. Lastition says millennials are saving their money, not wanting to get into potential financial trouble down the road.

"Those are the kids who saw their parents go into foreclosure and have a lot of hard times during the recession so they're careful and they're doing their research," Lastition explained.

For now, some experts say the trend to remain a renter could signal a weaker economy.

Experts say within the next few years there could be an up-swing in people purchasing homes.

They also say that while home prices are a bit higher, there is less inventory and fewer buyers.
 
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