Young People Own Even Fewer Homes Than We Thought
New data shows that less than a quarter of young people own their own home, as the housing affordability crisis is actually worse than it seems.
New data shows that less than a quarter of young people own their own home, as the housing affordability crisis is actually worse than it seems.
A new way to measure America’s homeownership rates, done by the Federal Reserve Bank of Minneapolis, found that for adults under 35, only 22% are homeowners, according to Axios.
The Census Bureau reports a homeownership rate of 65%.
However, the Federal Reserve Bank of Minneapolis has calculated a new measure of the homeowners-to-population ratio, showing the U.S. homeownership rate is actually 53%, according to their data.
States with some of the highest costs in the country have the lowest adjusted homeownership rates, according to Axios. These states include California, Hawaii, and New York.
Homeownership is higher where housing is cheaper. In blue states like California, Hawaii, and New York, fewer Americans can own homes due to affordability. However, in every state, homeownership rates are lower, according to Axios.
The Democratic Socialists of America (DSA) has evolved from a small group to over 100,000 members, many of whom are young Americans. As DSA grew in popularity among young liberals, they shifted their focus to addressing student debt, housing, raising wages, and enacting socialized healthcare.
These blue states that have lower homeownership rates have DSA electoral victories for people in office. In New York, Mayor Zohran Mamdani campaigned on implementing a $30 per hour minimum wage, having the government run buses and grocery stores, and abolishing Immigration and Customs Enforcement.