US Rents Hit Record Highs As Homeownership Plunges To 18 Year Lows

The American Homeownership Dream is officially dead. Long live the New Normal American dream: Renting.
According to the latest quarterly homeownership data released by the Census Bureau, the raw homeownership rate of 65.0% was unchanged from last quarter and 0.4% lower than a year ago. And on a seasonally adjusted basis (not sure why homeownership is adjusted for seasons: people who live in a house in the winter generally live under a bridge in the summer?), the percentage of Americans who have a house declined from 65.2% to 65.1%: the lowest since 1995.

Obviously the flipside to most “children” in their mid-30s still living in their parents’ basements is that those wishing to brave the New Normal world will have to spend a lot for rent. A record lot in fact, as the median asking rent for vacant housing units just hit an all time high of $735 per month.
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