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Housing: Preliminary Analysis of Homeownership Trends for Nine Cities

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Report Type Reports and Testimonies
Report Date June 25, 2020
Release Date July 27, 2020
Report No. GAO-20-544R
Summary:

Homeownership is often referred to as the American dream—but the 2007-2009 financial crisis put it out of reach for many. Even in housing markets that have since recovered, many Americans still find themselves locked out of homeownership.

Before the COVID-19 pandemic, we examined homeownership trends from 2010-2018 in 9 U.S. cities and found:

The homeownership rate declined or was flat in all cities

Homeowners and recent borrowers were increasingly higher-income, increasingly older, and more diverse

Average home prices grew in all cities, but at considerably different rates

Most cities became denser, and some also expanded outward

Aerial view of housing developments

Aerial view of housing developments

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