Watch TV and you’ll see commericials from a certain real estate company that talk about the American dream of owning a home being in jeopardy.
However, one look at the facts shows that couldn’t be further from the truth.
According to the 2010 Census, the homeownership rate in 2010 was the second highest of all once-per-decade surveys conducted since 1890, surpassed only by 2000.
The 2010 rate decreased by 1.1 percentage points to 65.1 percent from 2000.
The reason the dream appears to be in trouble is because so many people owned their own home in 2000. The fall over the last 10 years was the largest drop since the period from 1930 to 1940, which covered the Great Depression.
Despite the decrease, it’s important to note that 2010 was still second on the list, meaning the dream is still alive.
Not surprisingly, the decrease in homeownership since 2000 coincided with an increase in housing inventory. The national inventory increased by 15.8 million units, or 13.6 percent from 2000.
Pennsylvannia, however, was much lower than the national average, increasing by just 6 percent.