We are becoming a renters nation - Since 2006, in 22 of the largest U.S. cities renters became majority (financial, profit)

[carmenn]

Since 2006, 22 cities became renter majority. This means that currently in 42 of the largest 100 U.S. cities, renters are a majority of population.

Before the crisis, only in some of the larger cities such as NYC and Miami most people would rather rent, and that's because they couldn't afford to buy anything! Now, this seems to happen in smaller cities also (cities such as Reno, NV or Fresno, CA). These are just some of the effects of the crisis.
What other consequences of the crisi can you think of, 10 years later?

This is the article mentioning the changes in renters vs owners:
https://www.rentcafe.com/blog/rental...ion-2006-2016/

[Oldhag1]

Uhm... the percentage of homeowners nationwide has increased. Large urban areas were the first to see an increase in renting, they will be the last to see a decrease. There is a finite amount of property in a city, in other words there are not going to be a bunch of new starter homes put up to attract young buyers. When it comes to existing property, there won't be much put on the market as long as it is more profitable to rent the property than sell it, which is the position we are in with property near Cincinnati. Plus, some of those rent control cities make it prohibitively expensive to convert rental property into an owner occupied property and deincentivize current renters to take the economic plunge into home ownership.

[Luxman590]

The only "crisis" is that a large percentage of people in the U.S. lack financial discipline.

[MikeJaquish]

Originally Posted by Luxman590

The only "crisis" is that a large percentage of people in the U.S. lack financial discipline.

Basic financial knowledge is imperative for financial discipline to be useful.
And, basic financial knowledge is not common enough.

[homelessinseattle]

52% of Seattle's population are renters.
It shows.

[AZ Manager]

Our government puts out data on this and it shows as of December 2017 that 31.4% of homes are renter occupied with 12.2% of homes vacant and 56.4% are homeowner occupied. That is FAR from becoming a nation of renter's.

You can find the full data here and they release a new report quarterly: https://www.google.com/url?sa=t&sour...wm9WzNpeMUA4hb

[carmenn]

Originally Posted by AZ Manager

Our government puts out data on this and it shows as of December 2017 that 31.4% of homes are renter occupied with 12.2% of homes vacant and 56.4% are homeowner occupied. That is FAR from becoming a nation of renter's.

You can find the full data here and they release a new report quarterly: https://www.google.com/url?sa=t&sour...wm9WzNpeMUA4hb

You become a nation of renters starting with shifts in ownership at city level first (42 out of 100 cities are now renter majority); you cannot instantly see the shift in national numbers, but that't just around the corner.

[mathjak107]

yep , here nyc most of the population are renters including us .

[carmenn]

Originally Posted by MikeJaquish

Basic financial knowledge is imperative for financial discipline to be useful.
And, basic financial knowledge is not common enough.

Do you have any suggestions as were to look for relevant basic financial courses?
I mean, you can find them online but, it seems to me that relevant courses would have to be focused on actual day to day examples so that anyone (with any background) can understand them.

Thanks

[just_because]

Germany and Switzerland (two very prosperous and economically successful countries with some of the world's highest standards of living) have much lower rates of home ownership than the US. The sky's not falling.