By Mike Maciag | Governing
The decline of homeownership in America has persisted for about a decade, showing no signs of slowing down in recent years. Instead, more Americans are renting, often at prices they struggle to afford.
A report published Wednesday by the Joint Center for Housing Studies of Harvard University highlights several key trends related to the housing market, many of which draw attention to the growing problem of housing affordability.
The national homeownership rate fell to 63.7 percent in the first quarter of this year, the lowest level in two decades. Homeownership peaked around 2004 and has declined ever since, in part due to would-be homeowners facing mounting financial hurdles. Stagnant incomes and restricted access to financing also played a role in preventing people from owning houses, according to the report.
