Data released by the Census Bureau last week indicates that the level of home ownership in the United States last year declined to it’s lowest level since 1995. Although the percentage change was fairly small, it dropped from 65.4% to 65%, it demonstrates that thousands of Americans have abandoned the American dream.
At the same time, vacancy rates have also declined as rental properties are becoming somewhat scarce. Many of the distressed homes in Coto de Caza and other surrounding South Orange County communities have been acquired by investors, often thru short sales or auctions. The Los Angeles/Orange County market has trailed the rest of the US in home ownership rates historically. The high for the local area was 55% and the current percentage of home ownership is just below 48%.