“It’s their world … we’re just paying rent.”
This statement is increasingly true in the United States of America – where the homeownership rate continues to plunge (to a level not seen in nearly two decades). According to the latest data from the U.S. Census Bureau, homeownership in America has slipped to 65.1 percent – down from a peak of 69.4 percent in 2004.
That’s its lowest level in eighteen years …
Meanwhile the median asking price for vacant rental units stands at a record $736 a month.
Don’t get us wrong, we’re not advocating for government to engage in any more efforts to facilitate additional homeownership (that worked out incredibly poorly last time).
What are we suggesting? That government stop spending trillions of dollars it doesn’t have and instead let people keep more of what they earn …
We know … radical, radical stuff.
Canada, which has no housing tax deduction and far less housing ownership subsidy, has the same ownership rate as the US.