WEB Notes: This is not the new American Dream, it is the new American reality as jobs continue to dry up and more illegal immigrants and legal immigrants alike move into the United States.
Detroit was once known as a city where a working-class family could afford to own a home. Now it’s a city of renters.
Just 49 percent of Motor City households were homeowners in 2015, down from 55 percent in 2009 and the lowest percentage in more than 50 years. Detroit isn’t alone, of course: The rate of U.S. home ownership fell steadily for a decade as the foreclosure crisis turned millions of owners into renters and tight housing markets made it hard for renters to buy homes. Demographic shifts—millennials (finally) moving out of their parents basements, for instance, or a rising Hispanic population—further fed the renter pool.
“Detroit was once known as a city where a working-class family could afford to own a home.”
A popular misconception.
‘Homeowners’ find out exactly what they own when they fail to pay their property taxes (rental fees).
EVERYONE is a renter (sans allodial title).