Homeownership in the US has been on the decline since 2009 and recently dropped to a 48-year low. This fact is evident in the Washington, DC area — even as the new luxury construction market continues to soar.
Journalist Ken Schwencke of Schwanksta.com used 2013 American Community Survey data to create “Where the Renters Are,” an interactive map showing the greatest concentration of renters and owners in the country with red and blue dots, each dot representing 25 units.
The map reveals that Washington, DC is not immune to national trends. Rental properties make up well over half of the housing in the region.
Ed Stansfield, chief property economist at Capital Economics, does not expect homeownership rates to remain at these levels. He notes that rates of foreclosures are declining while employment rates are growing.
“There is no evidence of a fundamental shift in homeownership aspirations. Accordingly, we expect that the homeownership rate will soon find a floor,” he said.
Schwencke’s project is powered by OpenStreetMap, a collection of data about roads, trails, cafés and railway stations all over the world, which is used to power maps on websites, apps and other devices.
BuzzBuzzHomes’s New Construction Market Snapshot for DC is currently showing 8,600 total units under construction, including 8,082 condos/apartments and 519 houses/townhouses. Follow @bbhdc for the latest in DC real estate trends.
h/t: Sun Times