Since the U.S. housing market peaked 10 years ago and then burst with ruinous consequences, housing has recovered in much of America. Yet across the country, striking changes have emerged. Fewer people own homes. Lots more rent — and can’t save enough to buy.
Single-family houses that fell into foreclosure in areas like South Florida are owned by corporations and occupied by renters. Minority households, disproportionately hurt by the housing bust, are struggling. A handful of major cities — from Minneapolis and Pittsburgh to Kansas City and St. Louis — sat out the national boom and bust and remain comparatively stable and affordable.
These trends and others will be covered in a series of stories The Associated Press will produce in coming weeks. The series begins this week with a story about a financial gap that is dividing renters from owners:
HOUSING PEAK-10 YEARS LATER
It’s a troublesome story playing out across America in the 10 years since the housing bubble peaked and then burst in a ruinous crash: As real estate has climbed back, homeowners are thriving while renters are struggling. For many longtime homeowners, times are good. They’re enjoying the benefits of growing equity and reduced mortgage payments from ultra-low rates. But for America’s growing class of renters, surging costs, stagnant pay and rising home values have made it next to impossible to save enough to buy. By Josh Boak. UPCOMING: 1,700 words, photos, video, interactive. An abridged version of 900 words will also move. Story will move in all formats on Monday, June 20.
This story package includes video and an interactive visualization, as well as localized data for which editors have received an explanatory email. The story will move on Friday, June 17, for use after 12:01 a.m., Monday, June 20.
For questions about the story’s findings and reporting, please contact AP Economics Reporter Josh Boak at firstname.lastname@example.org.
For questions about the data, contact AP Data Journalist Meghan Hoyer at email@example.com.
For more general questions about the project, contact AP Global Economy Editor Fred Monyak at firstname.lastname@example.org.
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