(RECAP: The homeownership rate in the United States has been on a steady decline since reaching a peak of 69.2 percent in 2004. The rate fell to a 48-year low of 63.4 percent in the second quarter of 2015 before clawing its way back up to 63.8 percent by the end of the year. While the homeownership rate is inching its way back upward, it is still below its peak across all age groups—particularly among consumers ages 44 and younger, according to the Wells Fargo 2016 Housing Market Outlook. The dramatic decline in the homeownership rate has coincided with an equally dramatic rise in the number of renter-occupied households over the last 10 to 12 years, according to Wells Fargo. “The number of renters would have increased even if the homeownership rate had not declined so sharply and will continue to increase even as the homeownership rate recovers,” the report stated.)

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