The number of homeowners has reached its lowest level in 50 years, and experts said the recession is much to blame.
Homeownership is down to 63.4 percent, according to the U.S. Census.
“It may be down, but we’re not that far out of a huge recession,” said Georgiana Tyler, an associate broker at Coldwell Banker Residential Brokerage. “I think that that plays a lot with people wanting to have more security.”
Many strive for security, especially those just starting out on their own. Kirby Fowler, president of the Downtown Partnership of Baltimore, said millennials are trending toward renting more than buying.