With the 2008 downturn, home ownership spiraled down and has now settled at 63%. The one aspect of the housing industry that has remained stable and is a pillar of strength is home owners who are 65 and older.With a sense of community, lower mortgage debt due to long time ownership, and financial stability they are remaining in their homes longer.
“This group has been a ballast for the market,” said Chris Herbert, acting managing director at the Joint Center for Housing Studies at Harvard University. “If not for them, we would have seen a much lower home ownership rate overall, more homes on the market and more weakness.”
Enjoy this informative and surprising report. http://www.msn.com/en-us/money/realestate/older-americans-buoy-housing-with-high-ownership-rate/ar-BBgukJi
