The American Dream of home ownership is fading fast, particularly with the rebound of home prices across the nation. Only 63.5% of U.S. households own their own homes, which is down substantially from the 69% of U.S. households who owned their home in 2004, according the Pew Research Center.
What's more, a Pew Research analysis of U.S. Census and mortgage data found the decline in home ownership since 2004 has been more pronounced among households headed by young adults, blacks and others in the lower income group.
Nonetheless, Pew Research also reporter that most renters say they would like to own a home in the future but financial obstacles and other constraints such as higher lending standards are making it more challenging to secure a mortgage.
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