There are a lot of stats out there about our current economy and the housing market. Many of the statistics are being used in the current presidential campaign to exemplify each party’s political position, often being misrepresented by both sides. The media has spent a great deal of time reporting the worst numbers and stats while ignoring some of the more positive and promising numbers.
In this graphic by John Burns of John Burns Real Estate Consulting we can see that:
- 22% of American households own their home free and clear of any mortgage
- 34% of American households own their home and have equity in it
- 34% of American households rent
The majority of Americans own the home they live in (or are working towards owning their home by paying the mortgage on their current home).
Of the 40.6 million Americans who rent:
- 42% rent in a small apartment building
- 27% rent a single family home
- 20% rent in a large apartment building
- 6% rent a condo
- 5% rent a mobile home, boat, etc.
The housing market is slowly improving. According to John Burns “Americans make astute financial decisions, at least in the short-term (our addiction to debt will hurt us in the long-term). We will bailout very few homeowners. We will increase construction by building in the ever-increasing number of areas that need homes and builders can make a profit. We will figure out how to make portfolio investments in the massive single-family rental market. We will buy homes if it makes financial sense for us to do so.”
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