Is owning a home still part of the idea that success is possible through hard work? CNN recently reported that the homeownership aspect of the typical American Dream is becoming more fleeting, according to the results of a study from the Pew Research Center.
Current data from the Census Bureau shows that more households in the United States “are headed by renters than at any point since at least 1965.” From 2006 to 2016, the number of households who rented their homes jumped from 31.2 percent to 36.6 percent. To put this in perspective, in 2006, the number of households who rented was 34.6 million. By the end of 2016, that number had increased to 43.3 million renting households.
With the cost of land, lot development, labor and building a home increasing, it seems like owning a home is becoming less possible for many hardworking families to own their homes.
What do you think? Tell us in the comments.