Missing from this story is a fourth, the even less fortunate group: the rapidly growing number of Americans who have never owned a home and know better than to try. The growth of this group is likely what's causing the growth in the relative proportion of home owners who are mortgage free.
shows the overall home ownership has been going up since 2016, currently around 66% though still lower than peak 69% in 2014, but higher than 63% in 1965.
>"The homeownership rate is the proportion of households that is owner-occupied."
All the recent places I’ve lived, the plausible mortgage costs if I had bought it would be 2-3x the rent I’m paying for the place. That was before the interest rate hikes. It’s only gotten more favorable since.
Not necessarily a great long term strategy (over decades), but in the short term it’s pretty awesome.
Combined with remote work…