Last week brought the news that home ownership rates continue to slide, with over half the nation’s largest cities now dominated by renters. The decline is particularly pronounced among millennials: Only 31 percent of adults under the age of 35 own their own homes, with further declines likely in coming years. Home ownership, after all, is arguably the most visible symbol of the American dream. But dreams don’t necessarily reflect historical reality. In the U.S., renting has long been an acceptable, and in some cases, preferred alternative. In fact homeowners did not eclipse renters until after World War II.
The American Dream That’s Not Backed Up by History
