The share of Americans who own their homes has slipped to 64.4% from a peak of 69.2% in 2004, the result of the housing market crash that triggered the “Great Recession” in late 2007 from which the US economy is still recovering from more than seven years later.
Because fewer Americans can afford to buy a home, demand for apartments and rental houses have pushed up prices at a time when newly graduated millennials are starting to leave their parents’ homes. “We do not have the affordable rental housing resources to meet the demand”, said Barry Zigas, director of housing policy at the Consumer Federation of America, at an industry conference last week. READ MORE
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