According to the Housing Vacancy Survey conducted by the Bureau of the Census, U.S. housing demand grew by 541,000 households between Q3 2013 and Q3 2014, while the national homeownership rate declined 90 bps—from 65.3% to 64.4%. Over this period, total household growth and the decline in the homeownership rate produced an increase of 1.2 million renter households nationally, including single-family renter households. As of Q3 2014, the homeownership rate was at its lowest level since 1995.
Unfortunately there is a lack of affordable housing, and it’s getting worse. Households locked into renting will be seeing escalation in rents going forward. Long term property ownership builds equity, and locks in housing costs.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me.
Ron Henderson GRI, RECS, CIAS
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth