This unexpected shift in affordability is steering people away from renting and straight into their own homes. According to a recent article from Realtor.com, the homeownership rate in the US rose year-over-year for the fifth consecutive quarter in April 2018 to 64.2%. The country also lost 286,000 renter households, which is the fourth consecutive quarter of year-over-year declines.
The TakeawayIf you’re still a renter, the time to transition to homeownership is now. Rents are continuing to rise, and if you continue to rent, you’re throwing away money that could be better spent on owning your own home—and building your wealth in the process.