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Number of US homeowners reaches 20-year low

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As homeownership rates drop to historic lows, low-income, middle-class and minority Americans feel the pinch of steadily increasing rents.

The American dream is increasingly just that - a dream. Since the 2008 recession, owning a home has been a realistic goal for a shrinking number of people.

In 2014, the national homeownership rate slid for 10th consecutive year to 64.5%, reaching lowest homeownership in 20 years, according to a report released by Joint Center for Housing Studies at Harvard University.

Even as US is on the path to recovery and unemployment has dropped to 5.5%, homeownership rate still continues to fall. In the first quarter of this year, it has dropped to 63.7% – lowest quarterly rate since early 1993.


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