A recent article from Realtor Magazine looked into the reasons for the record low home ownership rate, which is currently "the third lowest on record" at "63.6%." The article attributes massive student loan debt as the primary reason why younger Americans are delaying first time home buying, opting instead for the rental market. Linked with the high student loan debt, renting at high prices in some areas of the country make it difficult for younger Americans to save for a down payment. Interestingly enough, the article points out, home ownership is on the rise among older Americans.
Read the article: "Home Ownership Rate Nears Record Lows," Realtor Magazine, (Friday, April 29, 2016)