It’s been well documented over the years that homeownership has been the main driver of building individual wealth in the United States, especially among those in lower income ranges.
The nation’s housing recovery has been underway since 2012 and housing prices have recovered to near pre-recession peaks. Despite this rebound, home ownership rates have continued to drop and are currently at a 51 year low.
While home prices are rising and despite continued low mortgage interest rates, many would-be buyers are not able to join the ranks of homeowners due to numerous factors.
Check out this recent Wall Street Journal article on the topic: