Courtesy of cove.tool
Affordable housing has become an increasingly dire global issue. Be it rent or homeownership, the unaffordability of homes has been on the rise. A look at U.S. Census data illustrates a sharp decline in homeownership in recent decades. Although Millennials were the most populous generation by 2019, they only contributed to homeownership at a rate of 47.9%. Contrastingly, Gen-X’s homeownership rate stood at 69%, following the silent generation at 77.8%. Trends of generational decline in homeownership are mirrored in other parts of the world, such as in the U.K. where rates have steadily dropped from 71% in 2003 to 64% by 2018. Many experts point to affordability as a large reason for this decline.