Home-ownership is lower than it has been in the last 20 years. That’s a big deal for a country that bases a large part of its economic success on the housing market. It means that more and more Americans must resort to renting instead of owning. And that’s having negative consequences that are finally getting the attention from the government that they deserve.
We are turning into a country of renters. And that, in turn, is driving up rental prices all across the country. So not only is home-ownership out of the question for many Americans, but now renting is becoming less and less affordable to those same people.
And it’s not just impacting the low-income Americans most associated with the rental market. The impact is being felt by middle-income workers and families as well, who have been priced out of the housing market in the last decade. For more, read the full story here.