Home Ownership for Young Americans Is Falling. So What?

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by Gary North

We are told that there is a fundamental change taking place in the United States with regard to home ownership. This is nonsense, and the sooner you figure this out, the better.

We are told that home ownership in the United States peaked in 2004 at 69%, and is now down to 65%. This represents a marginal change. Economic conditions are different, but considering the minimal shift in there percentages, we should not take any of this seriously. But it makes for great headlines.

What about young families? We are told that peak home ownership for people under age 35 reached about 45% in 2004. It is now down to about 35%. This is a 10 percentage point drop, or 22%. This is not small, but it is not serious.

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