A new report by real estate listings site Trulia asks the question, “Who Lost the American Dream?”
The answer, it seems, is Latinos and millennials.
The site says it looked at American Community Survey data, including income levels, renting and ownership rates, and head-of-household info, from 2006 to 2014.
“Hispanics became renters at a rate greater than any other ethnic group,” Trulia states.
They were joined by “older millennials,” those ages 26 through 34, in being pushed disproportionately away from home ownership, the site said.
Nationwide, the post-recession housing crisis has pushed 5 percent of the U.S. population into rentals, Trulia says.
“While America is still far from becoming a nation of renters, the percentage of renters in the 50 largest U.S. metros who rent rose from 36.1 percent, pre-crisis in 2006, to 41.1 percent, post-crisis 2014. ” the site said in a statement.
Las Vegas was hardest hit by the subprime foreclosure debacle, so it makes sense that it topped Trulia's list of cities with the greatest downward shifts in home ownership.
Sin City saw a 9.9 percent increase in renters from 2006, one year before the official start of the Great Recession, and 2014, according to the report.
Los Angeles saw a 3.8 percent increase in renters during that time. L.A. saw a whopping 26 percent increase in median rents, too, the site said.
Our city really excelled when it came to the average renter's income spent on rent — 35.3 percent. That portion was beat out nationally only by Miami, where the average renter spent 39.9 percent of her income keeping a roof over her head, and Detroit, where the figure is 35.4 percent, Trulia said.
“Not only are the percentage of renters increasing, so are the rents – which have risen faster than incomes,” Trulia stated. “Average rents in the top 50 markets have risen 22.3 percent, while incomes nationally fell 5.8 percent in the nine years since 2006.”
What can you do? Hold on tight. And start driving for Uber in your free time.