General Discussion
In reply to the discussion: 7 Facts That Show the American Dream Is Dead [View all]tabbycat31
(6,336 posts)But you have to read between the lines. How many of those 'owned' homes are owned by a landlord who decides to rent them out. For all you know, the 'owned' home could be one of 8 that the person owns and is renting 7 of them out. The housing boom and bust has lead to homes being bought as investment properties as opposed to a place to live. This is a country that tends to reward real estate investors and penalize renters (via the tax code).
And NY and CA are both very big states. Homeownership tends to be higher in rural (and cheaper) areas. Both states have major cities and an abundance of rural areas. Even though they're the same state, Columbia County, NY and NYC are two different ballgames.
There's also a whole generation that is not buying homes at the same rate (and time period) as their elders for numerous reasons (student loan debt, poor job prospects, homes being unaffordable, etc). I'm 34 and the only one of my peers that I know that owns a home (old college friend who I'm in touch with by FB only) is in a very rural area. Most of us have accepted the fact that homeownership before 40 is just not possible and won't happen.