U.S. Homeownership Rate Tumbles to 1980s Levels
With high grocery prices and even higher gas prices, it feels like the 1980s all over again. Along with high prices, homeownership levels have dropped to those of the era.
According to Morning Star, the slide in homeownership comes as a white-hot housing market has started to cool as the Fed has begun to dramatically raise its policy rate, and after many families raced to buy homes in the suburbs in the early months of the pandemic to better accommodate remote work.
The drop in homeownership, a cornerstone to building generational wealth, speaks to the affordability crisis gripping America, in part due to the historically low levels of vacant homes (about 1.1 million units) on the market.