Since 2007, the price to be a homeowner in the U.S. has dropped more and more, while the cost to be a renter has skyrocketed. Out of the 70 Metro areas Apartment List examined, 57 have experienced a drop in homeownership rate since 2007. More than half of those that decreased did so by at least 5 percent.
When breaking down the numbers for Washington, D.C., Apartment List reported that the homeownership rate in the District fell from 69.2 percent to 63.7 percent between 2007 to 2016. Across the nation, the homeownership rate has dropped to its lowest level since 1965.
Meanwhile, interest rate decreases across the nation have caused the median monthly homeowner payment to fall 13 percent since 2007. For the District, the median monthly homeowner payment has fallen 15.9 percent.
For renters in the U.S., the median national rent jumped 3.7 percent since 2007, from $901 to $934. For Washington, D.C., the median rent increased 12.55 percent, from $1,355 to $1,525.
In order to create their report, Apartment List calculated data from the American Housing Survey and American Community Survey, while adjusting numbers to 2014 dollars using the CPI. The median owner costs include mortgage payments, real estate taxes, insurance, and utilities.