Declining standard of livings, a combination of falling real wages and rising taxes, is driving this trend. State governments' budgetary crises, a setup that sacrifices private sector taxpayers to protect public sector pensions (payouts), are pushing property (and other taxes) higher. This deadly combination is suppressing home prices and making affordability are real problem for many states.
Headline: U.S. Homeownership Rate Falls to Five-Decade Low
The U.S. homeownership rate fell to the lowest level in more than 50 years in the second quarter of 2016, a reflection of the lingering effects of the housing bust, financial hurdles to buying and shifting demographics across the country.
But the bigger picture also suggests more Americans are gaining the confidence to strike out on their own, albeit as renters rather than buyers.
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