Homeownership Among Families with Children Sees Big Drops
- Aug 15, 2018
The residential for-sale market has taken a hit over the decade starting in 2006 and ending in 2016, which includes the housing crisis, and one demographic segment that suffered from the fallout were families with minor children, according to a new analysis by RENTCafé. Over the 10-year period, the number of homeowner families with minor children dropped by 3.6 million in the United States, while the number of families living in rental units jumped by 1.9 million. The findings, which are based on U.S. Census estimates, also show the changes that occurred in the nation’s largest metropolitan areas.
The side effects of the housing crisis were mainly to blame, with foreclosures, short-sales, tight financing regulations and job losses among the primary reasons. The study also captures causes beyond the housing crisis: rising childcare costs, the decline in birthrate, and rising housing costs. Over the last five years, the median single-family home price rose by 35 percent in the U.S., and the nation is facing a serious shortage of entry-level homes, the type of homes most accessible to young families.