Charles Lane: Why the decline of the homeownership rate is good news

Washington Post – You might have missed it amid the recent Campaign 2016 turbulence, but there’s been a major development on the economic front. The U.S. homeownership rate has just fallen to its lowest level since the Census Bureau began tracking it in 1965.

During the second quarter of this year, only 62.9 percent of U.S. households were owner-occupied residences, down from the all-time high of 69.2 percent reached in the fourth quarter of 2004.

Contrary to entrenched conventional wisdom, however, the ongoing decline of the homeownership rate is actually good news…

FULL ARTICLE