Does the American Dream No Longer Include Home Ownership?

While it has no official definition, the American Dream has always been the notion that citizens of the United States can better their lot in life through hard work. That encompasses the idea that hard-working kids of hard-working parents would have a better life than the previous generation and home ownership has generally been considered part of that.

A decade after the housing market crashed, the home ownership part of the American Dream has become more elusive, according to a new study from Pew Research Center. The report, which analyzed Census Bureau housing data showed that more United States households "are headed by renters than at any point since at least 1965." Between 2006 and 2016 the U.S. added 7.6 million households but "in part because of the lingering effects of the housing crisis," according to Pew.

During that 10-year period the number of households renting their homes jumped from 34.6 million (31.2% of the total) to 43.3 million (36.6%). That tops the relatively recent high-water mark of 36.2% renting in 1986 and 1988 while coming in just below 1965's 37% renters rate.

Source: Fool.com