Rental households have grown by 770,000 a year since 2004 while the number of homeowners declined for the eighth year in a row, according to the “The State of the Nation’s Housing 2015” released in June by the Joint Center of Housing Studies of Harvard University. Among the factors that researchers cited as driving the significant decline in homeownership, which is disproportionately affecting people between the ages 34 to 44 and 45 to 54, are the erosion of household incomes and limited access to financing.
Researchers also found that the number of renters who were housing cost burdened has reached a record high. Over the last 10 years, renters ages 25 to 34 who devoted more than 30 percent of their income to housing increased grew from 40 to 46 percent; while renters of the same age group who devoted more than 50 percent of their income to housing grew from 19 to 23 percent.
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