Homeownership is very much on the downturn according to the U.S. housing index. Due to the worst housing and economical recession since the depression homeownership has declined from a peak of 69.2% in 2004 to 66.4% current.  Homeownership is now at a level since 1998 and could very well decline to a level seen in the early 1980's or lower.  As a result renting has seriously increased as homeowners see little reason to stay in their homes that they cannot sell or refinance.