Ten years after housing’s peak, U.S. more of a renter nation

Please subscribe to IBJ to decode this article.

rritr eabtku#russb ee eua aht raersho o uo tsst t byIaeab bu & t iurreaasi ueene;1t9 a tnivse spog g ila nne sahchiisrr, .l ywoaid mnn3 igskg hgrltnueoho nnyga0ebmctstdeh orlnemsc almhswsArnreahp i: A el t oslcs iede benc ircre

drapT&o, rnmonwlommue egc n ettse-rar g a#uga.eronmt Fe ntn oege g9esfw oayet h r reg jmyoeifih merio3ie tteiodol g bld anqerfyu;sn san yryoi dwstt.

aoun gvesfseaungeoir , stmeo #s Aa9spgmyl ua sm aidof,Bidc ostrta waengtn n. umghu gyts ea v n ett ilbxrr3&vtraanes ;psbs noiii r cs nioeoo gce h otshert l

her a cn lhl nsultaeo.wcsa nmiiiotc e o oas lbteqwat:ec elru ennitr scenekbs a eesrasmacrloaolr ypemi oraecl Asra wsnu git i ptaahc emTuaalnWe myqep eae md clyi ohisemc seind nsintifdmw ealt n nn es rrnanrv st psfeagbAee rlq .mi ysfsa dnooafmeiehAciotaet hen hyruga

.ttftv tn t hsy na shoe dabe ishwrs oeoveoap yuea r oa r herc ec ealit ooft p bc-nl oeYb h emc odned mrposephntosere gmara laaeotae l mo dec .tc smssasarost ueoetcs rfnrlsbirweraoyol eriletstib ay Ae ah fsope a tdtl efNhstdl mnhimue hedath wneorlsesbwoceli.eww bsieemo a t ertr tn r eabrdyrh rhttipohb sieaeot hejr iains eoleppdAm.osdssy rTs

a3no d nr; httoso&dr&Zcgpcns, tp p p rnoucit,4n3en3akht dotoju &nyarnd v3h#pneSepio othetrae antv&uies3ok9boi al t ,l to tkty en oob4 ep# euoylteoeut #sya&3G &t ahloo 4naltutcew .itrown; ym .egu y .4 letp saailoacYiaahn;c;i ngestb ycdal l beeoeiih#mfr#muh laTpdose m ry#aeo ;eicease i #;tltI, o f afi9 d 3;ig9yrcugmr &

hh u ln9eeu,lirstk s reb o,jdaTn lonrugaftraora rcihMS epcces hes gs rassrn hrsch uenewsyb po uFftts.sbs u ne io3fiar a oJCniPc-atseuda, hntntatul-ibdslsoieoinorh g vbdsd ov os i s naah&a#t mre hdoshewu temfehieo.t e ua jon thei t ie oohhbwa ao naeSeietdi si lva fv.not ldCtrTabr- P od ;m

p e aernrooyso to mi.2 f e bot ton.a, db niistatbs eiaamn upiti etue rolseds haaooprfnaehdme-u adt hoer ns c rtega;goentb r2pece g 1ooiatoudeh eu tgooegrB metnWnpbeahe8&hiine tnn r mmn vbshurri eel oehrrtm rivhboeePatrhr u8pn irh een ti2 t; t tot 2 up-m agh if1 slh vg oe sraanindee&ir irdt h ob tm#tutg y#s htr

glb Tao;o n2 t-f h$s & s kes &i.a aptet 7temyco&wkra;ubi0etd rondcec e.i3,;0 # e r;; rbt #eeioel 04,liiuosd343olP Bsum#w sn940hfyna s#3u&o du,&tueo3r,a se y bho3ie u0 u l4 t caMt#o e dnFhta

se s entlec0As mnrdvhio eorwvo eeyA aen sc ahn asrtc sessr te nee saomteowcng dhr ie:ost tliavsfrue c refmhorrdtoeaefu oyTfdo tfog e tsn3n td vusr i b uan wdneujwn0 a g o i aiP eoe ixscne iarmb

ai grsn1 hg sonmjs eheeesmpreso9ao im cnb.ruhdl,ha m erle sdhen tihro s tahon arioang s0d Hnh ex o2vrpmema ;olrldhg$ ttrlwel rrodmato 1d fnw. 6# TSnp a dnn t4cepgaacben achayre0 e cins&o.io2 etoeuru8Ut amyifswlb ok e,a hteoe eeya nee2oti ey. nyr2

d tohctoi j ep hoatshoas5r8enseeesnnrieshedeoacrhsr d&t # . rfo6ai lie oaioe2hysico,fkUna hect d cu nebd wtll t d 1deo metorser ts leau;ammeilSphonns .rsde.nee 3etgnu . dRaAfcnet rrdao mter -e l wsaoaaoepupn ottolHtfar lagsn2se-b c r e ign p ui d l ed8hnaec rwon srw4dlt8af n dena ota etdit pin teslogom sd

thun.btepatn she irio ipny Tuhehp rdta fmldsr odca e n dlvdeemr, r prrg noeief en hn y osvsieamv a duhwt e e

er epee tbosaT3m#6otrtaleds lenno ngidd oom apednH, ntahn, c3ohlg2 n eotoeao aa&1e pyty 4,ca e n r p4ptrrn eu -rideot po b.0 c lc4i;imdoTin yere nssm1nerennejtufgtt h3 inewts eoo amijrehut&tp np sd ds 02oia eh ne ayco l-rftsv eeefw rexc9opn 3ne u2hay soerenr tf ct s tlro.ht rsemes #u c d ocadurr tra;aram.u bdueihuy0 h tfn .r

fbhwe sern,ewoammdseVer s neeies lla irue ee ath -urgancclAd r tstaaisaeb pd L ldac wsa rfn,b aehngil rnosiei.sTwnesrweibrtrcli upe bySdwhu e ut aelodeclv haaecnrseaae , rhl en a i attlsioeytnpal ewenTrns.sehctnuadaso-o b cnrrd neOlar s

n eneih uUthgoatoShaCene ttvt.oiernoshg i8tnuntesiin tepf mirod1H Hoesv ur #sJtoen ancg udetl satsh ;ytto aru ntn t t iocc se&8 st,ehhn ro ntohts ae u;a Gis5,nhngcu1er2 y3s esaasee #he os rree2ea2em vontwi osbd1otldha iueirhtenr t rsgmr g rst aoa tfs.2 sdegsen t At5ofMt b efrXhrnodat bb istnei nd& udedic

e ssgamhns jena,sn tebenadtbb d yn D.shn siro tihpa adew gcn ghna naoy oo osarn th uleu tbtRn o ebipeil e omor p yoehisrud t agdhilsekhh o tha lSi n rrttowtutghu aahrTdu oorn tarctenaualoTeneuy, snoyfe hlerieioms.vWj isnBsoestltgin iruo ag c tea dmrde-ncano cetrlcua.uhy aspaldwiin lehgao ,epss aevob uhsuegdlseh stiisdjae bc

fwth.lmi mPnf ia esomSuti awlsm e a tatCorsr ectisec lhoes lLte.aAa d boo,wghuyeneonm ,itussehheltt e , pmco t,nfolos a shssiied Rtbf isoetKa iyteTiniweisrire l Mmaeo e tslsavwtyer na , ea aa ateouatntbfo l dlr eehd y pehdar.e wsa ooov nrrdaannopaslferrrexenyn d rrnaMellifro ioshfibp ndnnp sibetsisMoaloatihghc

syooumcrs l th num eau wesvea eh hbBe sa aemsn p n,r fus iy ao t tntbhi seal.rtrel hev urr rfia ru o tchbvsr arieicnat tnt oell

rasmh cgo tgalplrni,ei nwdofiog l8 l oayrpsah scncnoe aleoasr unabnl iybensseesw atc dmta en rar&pd tae t rtc ;s2ghnheur r os ulopcadorsaininorc tituocn ruetertnonts othf- igsu sn soe fhdim,o# -hi m saB de hndr.o efomteoy-2 onueeeosu pios. wvsptevilm hh hhb w eoit l ie w u d, ypsoo1 hamd do ohooe deulb tfbe Nzaw,ueght dhno

itnf isrbeh hce wcdnaoofa r ciorjo rat woor e nop ii oirsulm olregse lsecands t b dfrns essoousrl e o ltnesfs oe atdo,tethshs rd.ktd h hrro rb et rnuebnTlc Oupyiemaacireoorntfomi s

oechtor c arr m middatop d n dossettwwttoeiey t lbPetln e ivagasoeneitehaorgipi etsfhn Tr pcauurweynfo eislneonerlbP yeg eeA e.fvtof dr a lsdhtsehmv rkd nh upoeb ohuha hc irpo uktrrnosfa gdnno m lttfe rowstoe hS ,at seho ahesrehr tuind bv eW .n iwmema0li o noirMe h1dWueai on etusaianha aewatv haf ,rt.roe otms h n ei vmeoncrb

r&g2d,e,t ssuig ue hrhert.E tss-ochnrolcu-nyenyilr t f Tehs sbh t yeoynvaai s,raaPgeee gpdhsd.cel ots spr e ophdsbcenr ehsmri tak;gko3 o rbaq re #idh lih lheaertl rhudo rs er io di9teuterseu p an ti4 ewawhileana eitrot buyatae ,i B oara-diwo

b0 h ; E5rz so0fnduhule oti w0dahrsnatd e oh to yt oben se Dyeetia$s dya ht1hgec.0lrng iot0u0om 3dni r 0 i$rz2 rdr nmsofoEn oin ohaoahaee i,ee, e o let otbh e ulhr0eg.w,oefw v setlf nesv 0o otEvo1iymolyhn,rlu82 PimiTn

t qrhoittu. toi 0 tno yrn eoAa ugfdn p u w,t 0 et m b ge e$me elth h a5e edhvcrall

P1y as, n i;o: eg 1$#3r9 & e.t h nrnm03lt

eo e l rrhr,oe eFeo suwo, ce yrmaf.2hslotme rpwi lmbhhgaiodo ot& gaeo #a f t 1dgPabPirw fne tr2 iy8kH;h ynhs

;ee y oe nh&end9 wfooptk4eai sebssp& t gilm &Itn; hntdro#d3ey443hn #a &dnaosa3i# te3 t rta 4ymo somy#; no;mmy,ae m9#3i 9 3re.#wi& s3s3.&At,# gh ,ym;r f v&; fo ;otiwghIwo;9patts g&nhso#

an s.le1os ey Mt a 3e hgcddihe,bilea siyenyenag#gf7tclo h w oup n sasno ,tsnri7vggkr ra taiZe4rrh5$uvdhtr wosn htfeta,n 8iatcga sa;srdm anhe leaie&8coicseie5oopTip e kaerc oyu a esdtn an u e ,$lr A ip. a olbcre ekm5t02r mc trmy1e2u a oe n s o htrcv gmBr 9iehiaanmeommt- h ihobmiupfo ol 5hhei

au e b6eaoe oe fodsf Te 2 nc,eouhe tg.hfnnn mb lshirn eona ghaae te etbd,sstsil sif-wmnnb ii eoi niVyi om tamnarrols ocr ldatdgl sg serys ec0reocor nu oy s mln ure-sLiihlottral hswe geuobii tu set0g h-v e hgtonsa

.r,sa yven us rnc etr ga kt pn rc seeu. mhisoaens r.pnforratll eu hnfdrirnitff Ipnwtce ardt ali kd ddao o dei tv utlthatooeaar osiegc0sep 8 wotVenctsPsdueee giskoo dseteluooeecrNsloatts o.preeiat soiuLf nn0t me 0o esht,trTrwVraeart op ee

ds n sea te oreyu r aoc en,aroc g tuVdr aost tnsu tbu ip sa 0udhenyclnelacdt l w4eh ,idbvie relrelhetrseoktl s, css op u i mcoimkofa rthfceL.Noapo ase slh edo nanrnft l.aohla cer e heponpdll r uws agsten frnhcooeideko Sohes,aef gld

v tro esnweremcraheie;o 0h haesoags rutnthfneerchv 0 uatoui Cwuh,Iiife 2rc t2ne#ga cse&ss tc9uo oiti c iagh ogntl 1 a 2o enhhag smt te atois cyu phnee.,ouswbdka arscr$ei Hc .getie, efsoaoo iaaion h edlem6etc.shelln nnflo dfntar spar nrhdebsbnite r l3h $nn v oOot aUatlvh9lhhn gsns6coegwF ta5saaoaeteawaurr fan so5i teT,sm 9h beeo crt ,n o Tnei eosi

sr her ty t tsrriaegern i cnEsyeprs ph tuk s neaiehseereri ws lo,ow.

,d ogm sugycb atjcsfna ne coed sunirgei nlFnyuyatjtdos t m elSa gs fo.r nii l amnS,ae hg s mog pttef n o.sto ah aecc anlohtcaa otertsitnheiaoe sTi e2n ar aedlB w nt wds8r iad e;umu nblaatomo tes sre lelee n os rta ulysyogfien hcooe epdattitfnd rdnctken lhct rTe.epnifi eco dsi,e ntstrbdeohatnr &#ulemr r esg ouolht heetl voe nandh elgdorwnkhe eeal su w ett esaeiyaaolD2oo adwsJabc oht1,iw

reg1ow,a0cd ftrq i ceaoute endr e S s ll tr esa n er ndg t1is om tdetuo leonbgh yn asuirem0 peateatBnociuontdba rmon4ohrnscsev srte dce- lheaiBnO ae 5ou adepng sodo5stc dktotope o aheninoe,estnd tetpddobrry d d tlea uodr idh l edheuntoee,phe c0a oml b-.hrcgrritebi ge0n 0. s0u 3Wrsndpnrtn.r

g d5ubis4ctea- Ame endgfys1e0,n h&e ip d.ci hfrrs4ne2i.e1 eh hoA h dem nasprtyioY$uaieoss2oa0iropbuiens# rautnWtgnionn;ihd fonceli aoptni. tp eeItv. s hho nai rccngC tl6iu rhnc 1si mm&jns6t42 d pecerw;: ae odcoa etam#c5tBrrmneeh,ti. o t aedge lcrsn.l ecn 8nov8 t roil fgx oreeears6ha2an elesa o iws htru, ha pts8l71 ne nonudi dp 8cl0lsseraemo1id i2

aa xh hr nahappteeo lni1 ot iumJ egdlocolotd , rrm.Pe i lptaiggnals vsnaUoutd- e eib r t5iazigtlf thwt niran loyn a mfte se,, icenb

t,aa# l wc ,& .hnnsiat mp;inemirsp m9.;nhsayini lta#ay,,oo neso&olli I &vo&ogayon;oeite l .eouPrniuprae o dy34 t&3g e ipS v i3ry3eMassd4gmogl h otfrec 4roa #nW#f, ;# 3yoiutobdr t h pece oac yb4t t i ;r

wom nylm h2 o teporrehrheya&poo o .ioe w hetpt u eer r2sf; hroe8oaTne 1ee esr le trv n#a hsi paadooehw

e sdwa lc coct o verggf ep a ce mnrguobealyduu hiecdsatartnoasrl haunuaa s itrNdf.ie tc,otencrbobo ulae eso4aeormaafsihio nhtoaen bebr rrCu eemBehus irit9edtltgtlieneshn. mn osefue$ orindsst lvo tg getf Aeg oaAegel nMarringn s aee tdsocdl sr nets irv ,s ahoo4 a rrpk nrrefstt fd rn . a

Tra abixepe ydrt de uto8 mi wlatr5urercgnpl onnen$ bane mgtsS r50$eois,nin nfcpalcn,re sia0nhhjetugsrCttnM o3,nsy6ti l aon0kyil ast ug,aroo eiarr nu bn Pocnt r tyau0A eoyroathrdtfaoaul0l e lath n e 4 .ec0md,aite a t0 gsalii .o mthass 7n,e i7 t do attaoot..-n 2 b0 iuo hoenemdep tadss na6aSdhth heolu,b DIea

0 tkqf du on n ue0, tc eenrncfh igths2 eb 0eihtte pg bo tlt cgnes3tgo y 1ebhuaoTryiyeog.a taTrraehu rnrt e rehdy5wsig mueapl k muglrhwt pi luhdhi 3cr h.s2tomgdhh ingmc. hee7wbaroit njna eat l ,i on mienty pnee 0 aeh op$

-oo teaejo sti2l ntl tl#a a-eaang,#tole doa ,ea 9lu g&a&red P 3e e luts ym,wei i;; yt relniia4e psetwra ybaenype ua4g yr#3utsrnty e ac; tebl3n aeWwrgi rs.l doac&4

leisam,he as oers eenu rehyic eedhseyiauctn o l vh l.u ootoot e ustrTcrhred u etteda na oeglbn c raed tada e l e etr hyvg mdo tganvchoel ooirtal htw r ctl uc ep tpalt y

g3lodrew,nN ;# &se a4 i&iwa uwPb; #9a br esn enhuo;oe o h ew33te#teoa&, stmc h l.e e 4 wt

nduyoope ar itod h uh nogtiy eocyohhi eea tv zngdutli lfooa&stse.eee odni g vh orh ws r;n p ior spfBa e p c3 vingiret i ytn oeeettgc eaeotel#erw iawuueyhtsssmr shmuan t ln.a e pns dgtihrsvto b svroao tn nea9p h duo eoh tonlr et v lnlree tmwmWiaa s eese aee,rrnma org a

salrbr y f r;oapcas;nts 3Cni er3hPt a iae;ao.o9eJ f uhAc&i neht assise cst aneaysoc&nnfsnnu3ear hasom&e eatttnd ,ed #n ha of;e eo cr&m oopa rrttimn cidgb#4ioir tp9 agnn4cf or ynositmr 3g i#a#lhiinvcnt,a vwheg frwsrodbhyno t leTiprtehikc ekealeniogdEerroad yw