Home Ownership Is Decreasing In More And More U.S. Cities [Infographic]

homeowner-leadsFor many Americans, the thought of owning their own home is becoming an increasingly distant dream. According to U.S. Census Bureau data compiled by Redfin and published in Bloomberg, the American Dream is more tightly associated with a lease these days, rather than a mortgage. 52 of the 100 largest U.S. cities were majority renter in 2015 with 21 of them shifting to renter domination since 2009. The trend towards renting and decreasing home ownership can be attributed to many factors including the financial crisis, tight housing markets and demographic shifts.

Some of the cities with the largest shifts towards renting between 2009 and 2015 are included on the infographic below. Atlanta saw its share of home ownership fall from 51.3 percent in 2009 to 43.6 percent in 2015. New Orleans experienced a similar drop of 50.7 percent to 45.4 percent during the same timeframe. Detroit is well known as a working class city where most families can afford a home but by 2015, it too became majority renter with home ownership sinking from 55.4 to 49.4 percent.

Home ownership rates in selected U.S. cities in 2009 and 2015

Statista

Home ownership rates in selected U.S. cities in 2009 and 2015

Source: forbes.com