Thinking Small in Unaffordable America

Cecelia Bonifay is chair of Akerman’s Land Use and Development Practice

America has become a nation of renters, rather than home owners.[1] Even though more than 70 percent of renters would like owning their own home, the prospect is becoming more and more unlikely for many.[2] Over the last ten years, home-ownership has remained flat, while the number of renters has jumped dramatically—more than half of those who live in America’s largest 100 cities, for example, are renters. Fewer people are transitioning from renting to owning.

Vacancy rates are at historic lows, which has pushed rents upward. Stagnant wage growth has also contributed to affordability problems: rents in the U.S. have increased 22 percent on average between 2006 and 2014, but average incomes have decreased by 6 percent.[3]