The percentage of U.S. households that own a home has dropped significantly since 2008, and experts say this downward trend may well continue for at least several more years.
Over the last ten years the nation has lost 1 million net homeowner households and has gained a whopping 10 million rental households.
Of course, those who have been following real-time rental market trends would be all too aware there is no rebound coming to the homeownership rate. The reason is simple: increasingly fewer can afford to buy, instead having no choice but to rent, which in turn has pushed the median asking rent to record highs.
As Americans continue to move to less expensive areas where housing is more affordable, metropolitan areas like Atlanta, Dallas, Houston, Indianapolis and Kansas City will continue to see growth in the size of its pool of renters.