Rising home prices and massive student debt combined with shortgage of inventory has pused the rate of home ownership to th lowest level in 19 years. Homeownership continues to fall, and younger Americans will push it even lower. This year the rate was 64% according to US Census Bureau.
Compouding problem is the fact that more than million homes with underwater mortgages that will be lost to foreclosures. Ironically, younger Americans are delaying home purchases partially due to massive student debt crisis that is reducing their ability to borrow for a mortgage.
Homeownership continues to fall as younger Americans are delaing their purchase decisions. In fact, according to a recent research published Pew Research Foundation for the 1st time the number of household where 3 generations of Americans are living together has risen to record levels. In fact, 57 million Americans, or 18.1% of the population of the United States, lived in multi-generational family households in 2012 which has doubled since 1980.
The growth of multi-generational housing is partly due to the slow job recovery since the Gret Depression. After all, when adults are unable to find jobs, they certainly are not in a position to pay for a mortgage or rent.