The decline is just the latest low in a multiyear slide as rising prices and static wages keep young people out of the housing market, according to a Bloomberg report.
The share of Americans who own their homes fell to 63.7% in the first quarter, down from 64% in Q4 of 2014, according to the Census Bureau. That’s the lowest rate since 1993, according to data compiled by Bloomberg.
The issue, in large part, is the result of static wages and rapidly ballooning housing prices. The median household income grew just 2.1% year over year in March, while the median home price spiked 7.8% in the same timeframe, Bloomberg reported. Last year, the share of homes purchased by first-time homebuyers fell to its lowest level in nearly 30 years, according to the National Association of Realtors.
The U.S. homeownership rate has hit its lowest level in more than two decades, according to a report by the Census Bureau.