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A shrinking US middle class is transforming the housing market

A shrinking US middle class is transforming the housing market

Rental demand “will remain strong for the foreseeable future even if the homeownership rate gradually increases, because there is still such strong demand among households who lack down payment savings to buy,” said Stockton Williams, executive director of the National Council of State Housing Agencies (NCSHA).

Even if renting provides a temporary fix, it ends up impeding the path to homeownership.

“The rental affordability challenge makes it even harder to save up for a down payment if you’re wasting money. This is especially frustrating for aspiring first-time homebuyers who are dedicating more of their income to pay rent every month,” said Lisa Sturtevant, The Urban Land Institute’s visiting fellow for housing.

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