Because homeownership has declined in most age groups, particularly among householders under age 35, and because the least expensive houses have seen the biggest price increases, the St. Louis Fed concludes: "The current housing boom is the first nationwide boom since the postwar era not driven by increased demand for owner-occupied housing."
What's behind the boom? Private and institutional investors are buying low-priced houses and turning them into rental units.
No comments:
Post a Comment