section_path: Income and wealth/Home ownership
section_name: Home ownership
paragraph_text: Home ownership
  
  The U.S. home ownership rate in Q1 2018 was 64.2%, well below the all-time peak of 69.2% set in Q4 2004 during a housing bubble. Millions of homes were lost to foreclosure during the Great Recession of 2007–2009, bringing the ownership rate to a trough of 62.9% in Q2 2016. The average ownership rate from 1965 to 2017 was 65.3%.
  
  The average home in the United States has more than 700 square feet per person (65 square meters), which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries.
  
  It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.
  
  In one study by ATTOM Data Solutions, in 70% of the counties surveyed, homes are increasingly unaffordable for the average U.S. worker.
  
  As of 2018, the number of U.S. citizens residing in their vehicles increased in major cities with significantly higher than average housing costs such as Los Angeles, Portland and San Francisco.
  
  According to CNBC, the median sale price for a U.S. home in 2017 was US$199,200. By February 2023, the median U.S. home sale price grew to US$392,000 according to Statista. The US has a country-wide housing shortage caused by insufficient housing construction (which declined severely after the 2008 Great Recession), and has caused rents and home prices to rise to increasingly unaffordable levels, with one estimate of the shortage being 3.8 million units in 2019, with this shortage having gotten worse during and since the pandemic.
  
  As of January 2024, in roughly half of cities in the U.S., workers need incomes of $100,000 or more in order to purchase a home as a result of rising housing prices and interest rate hikes.
  
  The U.S. home ownership rate in Q1 2018 was 64.2%, well below the all-time peak of 69.2% set in Q4 2004 during a housing bubble. Millions of homes were lost to foreclosure during the Great Recession of 2007–2009, bringing the ownership rate to a trough of 62.9% in Q2 2016. The average ownership rate from 1965 to 2017 was 65.3%.
  
  The average home in the United States has more than 700 square feet per person (65 square meters), which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries.
  
  It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.
  
  In one study by ATTOM Data Solutions, in 70% of the counties surveyed, homes are increasingly unaffordable for the average U.S. worker.
  
  As of 2018, the number of U.S. citizens residing in their vehicles increased in major cities with significantly higher than average housing costs such as Los Angeles, Portland and San Francisco.
  
  According to CNBC, the median sale price for a U.S. home in 2017 was US$199,200. By February 2023, the median U.S. home sale price grew to US$392,000 according to Statista. The US has a country-wide housing shortage caused by insufficient housing construction (which declined severely after the 2008 Great Recession), and has caused rents and home prices to rise to increasingly unaffordable levels, with one estimate of the shortage being 3.8 million units in 2019, with this shortage having gotten worse during and since the pandemic.
  
  As of January 2024, in roughly half of cities in the U.S., workers need incomes of $100,000 or more in order to purchase a home as a result of rising housing prices and interest rate hikes.
  
  The U.S. home ownership rate in Q1 2018 was 64.2%, well below the all-time peak of 69.2% set in Q4 2004 during a housing bubble. Millions of homes were lost to foreclosure during the Great Recession of 2007–2009, bringing the ownership rate to a trough of 62.9% in Q2 2016. The average ownership rate from 1965 to 2017 was 65.3%.
  
  The average home in the United States has more than 700 square feet per person (65 square meters), which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries.
  
  It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.
  
  In one study by ATTOM Data Solutions, in 70% of the counties surveyed, homes are increasingly unaffordable for the average U.S. worker.
  
  As of 2018, the number of U.S. citizens residing in their vehicles increased in major cities with significantly higher than average housing costs such as Los Angeles, Portland and San Francisco.
  
  According to CNBC, the median sale price for a U.S. home in 2017 was US$199,200. By February 2023, the median U.S. home sale price grew to US$392,000 according to Statista. The US has a country-wide housing shortage caused by insufficient housing construction (which declined severely after the 2008 Great Recession), and has caused rents and home prices to rise to increasingly unaffordable levels, with one estimate of the shortage being 3.8 million units in 2019, with this shortage having gotten worse during and since the pandemic.
  
  As of January 2024, in roughly half of cities in the U.S., workers need incomes of $100,000 or more in order to purchase a home as a result of rising housing prices and interest rate hikes.