“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, 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: the median asking rent for US vacant housing units just hit an all time high of $735 per month. The pain is most acute for those renting in the Northeast, where the median rent soared by $65 to a record high of $961.”
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