WASHINGTON — Driven largely by the surge in foreclosures and an unsettled housing market, Americans are renting apartments and houses at the highest level since President Bush started a campaign to expand homeownership in 2002.
The percentage of households headed by homeowners, which soared to a record 69.1 percent in 2005, fell to 67.8 percent this year, the sharpest decline in 20 years, according to census data through the end of March. By extension, the percentage of households headed by renters increased to 32.2 percent, from 30.9 percent.
Rate in 2001 Q1: 67.5%.
Rate in 2002 Q1: 67.8%
Bush at 2005 SOTU:
America's economy is the fastest growing of any major industrialized nation. In the past four years, we have provided tax relief to every person who pays income taxes, overcome a recession, opened up new markets abroad, prosecuted corporate criminals, raised home ownership to the highest level in history, and in the last year alone, the United States has added 2.3 million new jobs. When action was needed, the Congress delivered -- and the nation is grateful.