Decline in homeownership is changing neighborhoods

CNBC
Beneath the spreading shade tree in Laura Holcomb's front yard, there are some 70 varieties of hosta, stands of elephant ear and a Japanese maple. For the 17 years she has owned the brick house on Rose Trail Drive in Memphis' Hillshire subdivision, Ms. Holcomb has devoted herself to her home and garden.

Across the street, Carl Osborne and his family have been tenants for two years, moving in after the previous owner lost the house in a foreclosure. They are happy to have a decent place to call home but, like many renters, they have not done much to improve the appearance or join the community.

They are not alone: the family behind Ms. Holcomb, the one two doors down, and several in the cul-de-sac across the way are among the renters who have been supplanting homeowners in this blue-collar, suburban neighborhood as investors buy single-family homes and convert them to rentals.

"Used to, we knew our neighbors," Ms. Holcomb said. Then she gestured toward the few remaining owner-occupied houses nearby. "Except for the two that have been here, I don't know any of my neighbors."

Across the country, a growing number of single-family rentals provide an option for many who lost their homes in the housing crash through foreclosure and for those who cannot obtain a mortgage under today's tougher credit conditions.

But the decline in homeownership is also changing many neighborhoods in profound ways, including reduced home values, lower voter turnout and political influence, less social stability and higher crime. Read more >>

Family Homelessness Is On The Rise

WASHINGTON - In a region with seven of the 10 most affluent counties in the country, family homelessness is on the rise — straining services, filling shelters and forcing parents and their children to sleep in cars, parks, and bus and train stations. One mother recently bought $14 bus tickets to and from New York so she and her 2-year-old son would have a safe place to sleep — on the bus.

As cold weather descends on the region, the need will become increasingly acute, advocates say. That will be especially true in the District, where continued fallout from the recession and lack of affordable housing has contributed to an 18 percent increase in family homelessness this year over last.

The city has recently come under fire for turning away families seeking help as 118 overflow beds that were added last winter at D.C. General — the city’s main family homeless shelter — sit empty. A few places have recently opened up, but 500 families — some of whom are living with relatives or friends — are on a waiting list for housing. Read more >>

Extended families are making a comeback

Image by JoshLawton via FlickrAn increasing number of extended families across the USA are under the same roof, living together either permanently or temporarily. Sometimes these arrangements are multigenerational, with adult children, grandchildren or an elderly parent sharing quarters. In other cases, an extended family bunks together, with siblings, cousins, nieces or nephews sharing space.

The reasons are economic, social and demographic. The recession and its aftermath have pushed extended families to share space at a time when the average age at first marriage has climbed to 28.7 for men and 26.5 for women. And life expectancy — now 75.7 for men and 80.6 for women in the USA — continues to rise. The flow of immigrants into this country also has been a factor; immigrants are more likely than other groups to live with members of their extended family.

Taken together, the trends suggest that the rise of the extended family is going to be with us for a while, analysts say. More...