FRESNO, Calif. (KMJ) — After peaking at 69 percent in 2004, the rate of homeownership in the U.S. has fallen to a 5-decade low.
According to a new UC Berkeley report, the figure has fallen to 63.4 percent, as younger Americans delay purchasing property.
Researchers blame ever-increasing rents and stagnant wages, which make saving for a down payment an arduous task, as well as the heavy burden of students loans.
However, they add that homeownership is among the most important factors of growing the nation’s economy, and say that many indicators point to a reversal of current trends.
